OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d rather watch a video instead, you can check out the review of this channel. They’ll guide the user 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 look into its fees 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 overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Agency
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
This means that unless the transaction is successful, your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can utilize their website to look for NFTs you’d like to buy. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music
Music may be one of the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars and digital pet, or other characters that can be traded or collected. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT prior to when NFT became a reality. Today you can make the same thing with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards such as those from Sorare as well as BCCG.
Sports
The digital objects associated with sports are also available, for example, animated logos of teams.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects or even virtual worlds. A popular illustration is Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be 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 on OpenSea is easy. All you have to do is post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select among five selling options. These are:
Fixed Price
The seller is 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 sets a price that will decrease in time. Sellers generally set expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller is required to put up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
Bundles
If you want to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to impose 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 earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you must know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards for payment for or deposit. Nft Agency
The NFTs can be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 look at the advantages and drawbacks of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about blockchain or coding. Nft Agency
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Cons
Although it’s decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Agency
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support staff that can be reached via its contact forms. Go to their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can 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, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, therefore they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it with 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 begin.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Just go to the official site and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, so they constantly change at regular intervals.
