OpenSea has become one of the leading markets for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea has been for a long time 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 quite an extensive read. If you’d prefer to watch a video instead, check out the channel’s review. They will guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s go over the basics before we examine its costs and what it can offer.
Before you go on, you may want to check out 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 3/8 T
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets on the platform are owned by users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is successful the digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, or older technology.
For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be traded or taken home. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT came to be. Today you can do the same with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected for example, animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. You can buy these metaverses or other things such as game items and the VR environment virtual objects, characters or even virtual lands. A well-known illustration can be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased 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 your products on OpenSea is simple. All you need to do is to list them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. They are:
Fixed Price
The seller will be the one to pay the cost for the NFT. As the name implies it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you’re looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will only 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, but you can anticipate it to be around $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game developers are paid 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. 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 make use of PayPal credit and debit card to make payments or deposit. Nft 3/8 T
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. Nft 3/8 T
They also offer a range of digital assets, which makes it one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Cons
While it is decentralized and offers one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft 3/8 T
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via their contact form. Go to their official website and search at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, therefore they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Visit their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, so they fluctuate from time to time.
