OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you’d prefer to watch a video instead, you can check out the channel’s review. They will guide you through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you prefer reading, we’ll go over what it is before we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Making Nft System
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your account. In addition, you don’t have to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d like to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a review of each.
Music
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or old technology.
As for NFTs, you can collect avatars, virtual pets, or other characters that can be traded or taken home. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT, even before NFT came to be. Today you can create digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
Trading Cards
You can also collect digital trading cards such as those from Sorare or BCCG.
Sports
Sports-related digital items can also be collected, such as animated team logos.
Virtual Worlds
VR environments and components can be purchased. You can purchase these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual lands. A popular example could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
If you are a first-time seller you will be subject to a single-use gas charge.
You can currently select among five selling options. The choices are:
Fixed Price
The seller is the one to charge the price for the NFT. Like the name suggests, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
Bundles
If you are looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you have to be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be minted as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments for or transfer funds. Making Nft System
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. Making Nft System
They also offer a range of digital currency, making them one of the most popular NFT marketplaces. Low platform charges are also a good way for you to make more money.
Cons
Although it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs are also growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Making Nft System
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via its contact forms. Go to their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, therefore they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through their contact form. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, so they change every now and then.
