OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to watch a video instead, check out this channel’s review. They’ll guide users through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer to read, let’s go over the basics before we examine its costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft-515
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
That means unless the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to open an account. All you have to do is have a web3 supported wallet.
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 aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music
Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs became popular, there were people invested in collectibles like baseball cards, movie props, or even older technology.
As for NFTs, you can gather avatars and digital pet, or any other characters that could be sold or collected. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT prior to when NFT was invented. In the present it is possible to do the same with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports
Digital items related to sports can also be collected like animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters, and even virtual land. A popular example can be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. You can buy blockchain-based names 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 on OpenSea is easy. All you need to do is list your products on 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 and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller will be the one to charge the cost of the NFT. Like the name suggests the price never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
English Auction
The seller puts up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of 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 is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included in 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. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will be created as a valid non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers receive up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or deposit. Nft-515
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains 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 take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. Nft-515
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. The 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 has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft-515
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through its contact forms. Visit their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, which means they change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via their contact form. Go to their official website and search at “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 an item in your inventory. If you’re ready for selling the items, post them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate every now and then.
