OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced 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 enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is a long read. If you prefer to take a look at a video instead, take a look at this channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s look over what it is before we examine its costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 404
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your account. Furthermore, you’re not required to create 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 prefer to purchase. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s examine each.
Music
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even the older technologies.
As for NFTs, you can collect avatars, virtual pets or any other characters that could be traded or collected. The rarer they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT since before NFT was invented. As of today, you can also create digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
Trading Cards
You can also collect digital trading cards like those of Sorare or BCCG.
Sports
Sports-related digital items can also be collected, like animated logos of teams.
Virtual Worlds
VR environments and components are now available for purchase. You can purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known example is Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. 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 being shut down from any person. 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 on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. These are:
Fixed Price
The seller is the one to pay the cost that is the NFT. Like the name suggests the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they agree on a price.
English Auction
The seller puts up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% cost competitive.
However, you must be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, or debit cards to pay for or deposit. Nft 404
The NFTs are only able to be purchased or traded 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 disadvantages when using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft 404
They also provide a variety of digital assets, which makes them one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Cons
Although it’s open source and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces 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 404
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it with your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via its contact forms. Visit their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, therefore they change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Visit the official site and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, so they fluctuate at regular intervals.
