OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite a long read. If you prefer to take a look at videos instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer 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 review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Music Nft Platform
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that 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 have to do is have a web3-enabled wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like to buy. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, movie props, or even older technology.
As for NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or taken home. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT, even before NFT came to be. Today you can create digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards, such as the ones from Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items like game objects and the VR environment characters, virtual objects or even virtual worlds. One popular example could be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to being shut 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 easy. All you have to do is list your products on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
If you are a first-time seller 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 will be the one to charge the cost for the NFT. Like the name suggests the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in time. Sellers usually set very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
English Auction
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price drops over time. In the English Auction, buyers will bidding until the seller sells the auction to the highest 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 through the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales price paid by the buyer. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost reasonable.
However, you have to understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards for payment or deposit. Music Nft Platform
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Music Nft Platform
They also offer a range of digital currency, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Cons
Although it is open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores could charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Music Nft Platform
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via its contact forms. Visit their official website and search on the page for “Submit a request.”
Can you earn 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 the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach through the contact page. Visit their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, therefore they change from time to time.
