OpenSea is now one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an established marketplace will help you get the leverage you need. 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 go on this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at videos instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like reading, we’ll go over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft-2E
OpenSea provides a platform that deals in non-fungible currency, 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 only limited to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of 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, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is complete your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to find NFTs you’d like to buy. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a examine each.
Music
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, some 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, digital pets, or other characters that can be traded or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT prior to when NFT became a reality. Today you can create digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or small video clip clips.
Trading Cards
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
Sports
Sports-related digital items are also available, such as animated team logos.
Virtual Worlds
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things like game objects and the VR environment characters, virtual objects or even virtual worlds. One popular example could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from 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 simple. All you need to do is post 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 then you’re all set.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. The choices are:
Fixed Price
The seller will be the one to charge the price for the NFT. As the name implies it is not subject to change.
Dutch Auction
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers usually set very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and lists a minimum price. It’s opposite to the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you’re looking to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee competitive.
But, it is important to understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments for or transfer funds. Nft-2E
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that 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 examine the advantages and drawbacks that come with using OpenSea.
Pros
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft-2E
They also offer a range of digital currency, which makes their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Cons
While it is decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide 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 security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft-2E
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via the contact page. Go to their website, and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, therefore they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via its contact forms. Go to their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer 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, therefore they change at regular intervals.
