OpenSea is now one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen 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 curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d prefer to watch a video instead, take a look at this channel’s review. They will guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll look through what it is prior to we look into its fees and the benefits it offers.
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 A Frame
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was created 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 one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets on the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is complete, your digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s review of each.
Music
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or old technology.
In the case of NFTs, you can gather avatars, virtual pets or any other characters that could be sold or taken home. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT prior to when NFT came to be. In the present it is possible to make the same thing with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
Trading Cards
It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.
Sports
The digital objects associated with sports are also available, such as animated logos of teams.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters and even virtual land. A popular illustration is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. These are:
Fixed Price
The seller will be the one to charge the price for the NFT. As the name implies, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and lists a 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 for the most expensive bidder.
OpenSea will automatically accept the bid in the event that the auction is over 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, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales price paid by the buyer. It’s similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% fee competitive.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will only be created as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay for or deposit. Nft A Frame
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains 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 when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about blockchain or coding. Nft A Frame
They also offer a range of digital assets, which makes their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent method to make more money.
Cons
While it is decentralized and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
In the end, 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 A Frame
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through its contact forms. Just go to the official site and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, which means they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach through the contact page. Just go to their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, therefore they constantly change at regular intervals.
