OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, 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 need. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you prefer to watch videos instead, take a look at the review of this channel. They’ll guide users through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like reading, we’ll look over the basics before 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft 1 Timer
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music
Music could be among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, and even old technology.
For NFTs, you can gather avatars and digital pet, and other characters that can be sold or collected. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT since before NFT was invented. As of today, you can also create digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards, such as those from Sorare or BCCG.
Sports
Sports-related digital items are also available, like animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual lands. One popular illustration could be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains 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 selling options?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select from 5 selling options. These are:
Fixed Price
The seller is the one who will be charged the cost that is the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is 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 puts up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
Bundles
If you’re looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you have to understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, and debit card to make payments or transfer funds. Nft 1 Timer
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of blockchains and wallets 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 benefits and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, 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. Nft 1 Timer
They also offer a range of digital asset, making them one of the most popular NFT marketplaces. Low platform fees are also an excellent method to earn more income.
Cons
Although it is decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s 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 market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft 1 Timer
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team you can contact through its contact forms. Visit their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they constantly 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. If you’re using it on your mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Go to their website, and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate at regular intervals.
