OpenSea is now one of the most popular markets for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you prefer to take a look at a video instead, take a look at the review of this channel. They’ll guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer the written word, go over the basics before 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’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft 2 Billion
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful your digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d like to purchase. They also have filters available to make your search easier.
> > 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 through OpenSea. Here are eight categories in which they typically fall into. Let’s have a examine each.
Music
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises 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 movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or taken home. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT since before NFT came to be. Today, you can also create digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
Sports
The digital objects associated with sports can also be collected, like animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters, or even virtual lands. A popular illustration is Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. 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 simple. All you need to do is list your products on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller is required to put up an NFT to sell and list the minimum price. This is different from that of the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
Bundles
If you want to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards for payment for or transfer funds. Nft 2 Billion
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains 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 advantages and drawbacks when using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft 2 Billion
They also offer several types of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Cons
Although it is decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative 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 variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as five 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 2 Billion
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it through your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that can be reached via the contact page. Visit their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to 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 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 has a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through its contact forms. Go to their official website and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs 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, so they change at regular intervals.
