OpenSea has become one of the top platforms for NFTs. It was the first to release such a platform over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you prefer to watch videos instead, check out the review of this channel. They’ll guide users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s go through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? National Mutual Nft
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed the digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to find NFTs you’d like to buy. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music
Music could be among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars, digital pets, and other characters that can be sold or acquired. The rarer they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT prior to when NFT was invented. As of today you can make the same thing with digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs or images, as well as small video clip clips.
Trading Cards
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected, such as animated logos of teams.
Virtual Worlds
VR spaces and elements can now also be bought. You can buy these metaverses and other things like game objects and the VR environment virtual objects, characters and even virtual land. One popular illustration could be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to 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 simple. All you need to do is list your products on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller is the one to pay the price of the NFT. Like the name suggests the price never changes.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very expensive prices. As time passes, it will decrease until it is 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 will put up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
Bundles
If you want to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee affordable.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment or make a deposit. National Mutual Nft
The NFTs are only able to be purchased or traded 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
- 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 examine the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if you do not have prior experience or know-how in coding or blockchain. National Mutual Nft
They also provide a variety of digital asset, which makes it one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Cons
While it is decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
Overall, 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 National Mutual Nft
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through their contact form. Go to their website, and look on the page for “Submit a request.”
Can you mint 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 them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, so they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through the contact page. Visit the official site and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they constantly change at regular intervals.
