OpenSea has become one of the top markets for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite a long read. If you’d prefer to watch videos instead, take a look at the review of this channel. They’ll guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s go over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 1
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users 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 established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave 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 utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can simplify 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 buy from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, and even older technology.
In the case of NFTs, it is possible to collect avatars and digital pet, and other characters that can be traded or acquired. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT came to be. In the present it is possible to make the same thing with digital art. 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
There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.
Sports
Sports-related digital items can also be collected like animated team logos.
Virtual Worlds
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. A popular example could be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that have specific capabilities. Examples come from 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 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 need to do is list them in the marketplace. You only have to ensure that 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 who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
Fixed Price
The seller is the one to charge the price that is the NFT. Just as the name suggests the price never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee competitive.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers are paid as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like 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. Also, you are not able to make use of PayPal, credit, and debit card to make payments or deposit. Nft 1
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 examine the benefits and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Nft 1
They also offer several types of digital assets, making them one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Cons
Although it is decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft 1
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through their contact form. Just go to the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell 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 the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, which means they change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team you can contact through its contact forms. Go to their official website and look 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 need make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate every now and then.
