OpenSea is now one of the leading 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 have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s go through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Must Have Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not 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 started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not by the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to find NFTs you’d like to buy. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or older technology.
In the case of NFTs, it is possible to collect avatars and digital pet or other characters that can be sold or collected. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT prior to when NFT came to be. Today it is possible to do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
Trading Cards
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Sports
The digital objects associated with sports are also available, such as animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A popular example can be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains 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 your products on OpenSea is easy. All you have to do is post them in the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from five options for selling. They are:
Fixed Price
The seller is the one to charge the price of the NFT. Just as the name suggests, it never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller sets a price that will fall over time. Sellers generally set high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
Bundles
If you’re looking to sell multiple NFTs under 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 fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will be created as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards for payment for or transfer funds. Must Have Nft
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains 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 that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. Must Have Nft
They also provide a variety of digital assets, making it one of the largest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Cons
Although it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Must Have Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through its contact forms. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, therefore they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via the contact page. Go to the official site and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, so they change at regular intervals.
