OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like the written word, look through what it is prior to we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Mooncats Nft
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Since they’re an open marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can use their search engine to find NFTs you’d like to purchase. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music
Music could be among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or old technology.
For NFTs, you can collect avatars, virtual pets, or other characters that can be sold or taken home. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT since before NFT was invented. In the present, you can also make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
Trading Cards
You can also collect digital trading cards, such as the ones from Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected, such as animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. You can buy these metaverses, or other items like game elements, the VR environment, virtual objects, characters or even virtual worlds. One popular example is Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. 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 post them on the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and auction type then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. They are:
Fixed Price
The seller is the one who will be charged the cost that is the NFT. As the name implies the price never changes.
Dutch Auction
In the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
English Auction
The seller puts up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
Bundles
If you want to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee reasonable.
However, you must understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be issued as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers are paid as much as 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, and debit card to make payments for or transfer funds. Mooncats Nft
The NFTs can only be bought or sold if your cryptocurrency is accepted 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 that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. Mooncats Nft
They also provide a variety of digital assets, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Cons
While it is open source and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
You will also need to create your crypto wallet to either sell or buy from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Mooncats Nft
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via their contact form. Visit their official website and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they fluctuate every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach through its contact forms. Go to their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, so they fluctuate from time to time.
