OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first one to launch a platform like this in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can help you get 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 go on our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch a video instead, take a look at this channel’s review. They’ll guide you through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer the written word, go through what it is prior to we examine its 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 2021 Draft
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is successful the digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music
Music could be among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or older technology.
For NFTs, you can collect avatars, virtual pets, and other characters that can be sold or collected. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT, even before NFT came to be. As of today it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
Trading Cards
It is also possible to collect digital trading cards such as the ones from Sorare as well as BCCG.
Sports
The digital objects associated with sports can also be collected, such as animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters or even virtual lands. A well-known example could be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs with specific functions. 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 your products on OpenSea is easy. 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. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
Fixed Price
The seller will be the one to pay the price that is the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in the course of. Sellers usually set very high 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 agree on a price.
English Auction
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards for payment or deposit. Nft 2021 Draft
The NFTs can be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they 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 that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Nft 2021 Draft
They also offer a range of digital currency, making it one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Cons
While it is decentralized and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft 2021 Draft
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach via its contact forms. Go to the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via their contact form. Visit their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate from time to time.
