OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to launch a platform like this over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to take a look at a video instead, check out the channel’s review. They’ll 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 through what it is prior to we examine its costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft 3Pl
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to find NFTs you’d like to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even the older technologies.
For NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or collected. The rarer they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT prior to when NFT came to be. As of today it is possible to make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like those of Sorare as well as BCCG.
Sports
Digital items related to sports are also available, for example, animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. It is possible to purchase these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual worlds. One popular example could be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. Names that are based on blockchain can be purchased 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 options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select among five selling options. The choices are:
Fixed Price
The seller is the one to pay the price of the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they agree 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 auctions like the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you can 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 marketplaces to charge fees to access 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 art galleries generate income through a portion of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost competitive.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers receive up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, or debit cards to pay or deposit. Nft 3Pl
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that 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 examine the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Nft 3Pl
They also offer a range of digital assets, which makes it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Cons
Although it is decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft 3Pl
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via its contact forms. Just go to their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they 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 that you can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Go to their official website and search for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, which means they change from time to time.
