OpenSea is now one of the top markets for NFTs. It’s also the first one to release such a platform in the past. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to take a look at videos instead, check out the review of this channel. They will guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer the written word, go over what it is before we examine its costs and what it can offer.
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.
What is OpenSea? Nft 4K
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs 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 2018 in 2018 by 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 very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is successful your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s 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, beats, vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, there were 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, and other characters that can be sold or collected. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT, even before NFT became a reality. Today, you can also create digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
Trading Cards
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
Sports
Digital items related to sports are also available, for example, animated team logos.
Virtual Worlds
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. A popular instance could be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to 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 easy. All you have to do is post them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time gas fee.
You can currently select among five selling options. They are:
Fixed Price
The seller will be the one to pay the cost for the NFT. Just as the name suggests the price never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may 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 to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
Bundles
If you’re looking to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
But, it is important to know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can expect 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 developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit or debit cards for payment or deposit. Nft 4K
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they are able to 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 disadvantages of using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Nft 4K
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Cons
While it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its 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 acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft 4K
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through their contact form. Visit their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method, but you can also go through their tutorials.
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 periodic fees. The price is determined through the marketplace, which means they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. Just go to their official website and search at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are the gas prices?
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 periodic fees. Prices are determined in accordance with the current market conditions, so they constantly change from time to time.
