OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s 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 their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can give you the leverage you need. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is lengthy. If you prefer to take a look at a video instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s go over the basics before we examine its costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Matic Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even the older technologies.
For NFTs, you can collect avatars, digital pets, and other characters that can be traded or collected. The more rare they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. In the present it is possible to do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters and even virtual land. A popular example is Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is post your products on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. They are:
The seller will be the one to pay the cost that is the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you’re looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost affordable.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid, non-fungible token after your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers receive up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit and debit card to make payments for or transfer funds. Matic Nft
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about coding or blockchain. Matic Nft
They also offer a range of digital asset, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
While it is open source and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Matic Nft
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via their contact form. Visit the official site and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, which means they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach via their contact form. Visit the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, so they constantly change at regular intervals.