OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you prefer to watch videos instead, check out the channel’s review. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s look over what it is before we go over the costs and what it has to offer.
Before you continue, 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 of OpenSea.
What is OpenSea? Mock Off Line Draft Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is 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 list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by the users, not the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers you can use their search engine to find NFTs you’d like to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
As for NFTs, you can gather avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT since before NFT was invented. As of today it is possible to create digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.
Trading Cards
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Sports
The digital objects associated with sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, and even virtual land. A well-known illustration could be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
Fixed Price
The seller is the one to charge the cost of the NFT. Just as the name suggests the price never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you could 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 additional fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you must understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will vary based on the market conditions, however 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 instance, game designers receive 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards for payment for or make a deposit. Mock Off Line Draft Nft
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to 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 benefits and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Mock Off Line Draft Nft
They also offer several types of digital assets, making it one of the most popular NFT marketplaces. Low platform charges are also a good method to make more money.
Cons
Although it is open source and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Mock Off Line Draft Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via its contact forms. Visit the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, which means they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through the contact page. Just go to their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they fluctuate at regular intervals.
