OpenSea has become one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using 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 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 an extensive read. If you prefer to take a look at a video instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
For those who prefer the written word, go through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Act
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in the year 2018 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 one of the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beatsand 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 were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even older technology.
For NFTs, it is possible to collect avatars, digital pets and other characters that can be sold or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT was invented. In the present it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards, such as those of Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters, and even virtual land. One popular example is 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. You can buy blockchain-based names that aren’t subject to being shut down by 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 to list them in the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
Fixed Price
The seller will be the one who will be charged the price of the NFT. Just as the name suggests, it never changes.
Dutch Auction
In the Dutch Auction, the seller decides on a price which will decrease in time. Sellers usually set very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they agree on a 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 as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment 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 want to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost affordable.
However, you have to understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers receive 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional 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. Also, you are not able to make use of PayPal, credit, or debit cards for payment or make a deposit. Nft Act
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the 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 look at the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Nft Act
They also provide a variety of digital currency, which makes them one of the largest NFT marketplaces. Low platform charges are also a good method to make more money.
Cons
Although it’s decentralized and offers one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters 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 users to transact without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Act
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via their contact form. Just go to their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they change every now and then.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through their contact form. Visit their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they constantly change every now and then.
