OpenSea has become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from a good marketplace can give you the leverage you require. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like to read, let’s look over what it is before we examine its costs 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nfc W Polsce
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Since they’re an open marketplace, they use intelligent contracts so that users can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their browser 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 from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals or anything else an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even old technology.
In the case of NFTs, you can collect avatars, digital pets, or any other characters that could be sold or taken home. The rarer they are, the greater value they be. 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. As of today, you can also make the same thing with digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.
Sports
Sports-related digital items can also be collected, such as animated team logos.
Virtual Worlds
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. A well-known illustration can be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is post your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select among five selling options. The choices are:
Fixed Price
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests the price never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
English Auction
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them on 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 listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers receive up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay or make a deposit. Nfc W Polsce
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 take a look at the benefits and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Nfc W Polsce
They also provide a variety of digital asset, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Cons
While it is decentralized and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nfc W Polsce
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you 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. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via its contact forms. Visit their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also go through their tutorials.
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 regular fees. Prices are determined by the market, so they constantly change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through the contact page. Just go to their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, so they change from time to time.
