OpenSea has grown to become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. 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 an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the top 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 prefer to watch videos instead, take a look at this channel’s review. They will guide the user through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s go over the basics before we go over the 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 overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Alzheimer
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
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 that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your wallet. Furthermore, you’re not required to make your 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 prefer to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s look at each.
Music
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, and even older technology.
As for NFTs, it is possible to collect avatars, virtual pets, or any other characters that could 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, even before NFT was invented. As of today, you can also create digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
Trading Cards
You can also collect digital trading cards such as those from Sorare or BCCG.
Sports
Sports-related digital items are also available, like animated team logos.
Virtual Worlds
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items like game elements as well as the VR environment characters, virtual objects and even virtual land. One popular example could be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. 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 need to do is list them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select among five selling options. The choices are:
Fixed Price
The seller will be the one who will be charged the price for the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you want to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% cost competitive.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be created as a valid non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment or deposit. Nft Alzheimer
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that 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 take a look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in blockchain or coding. Nft Alzheimer
They also offer several types of digital assets, making them one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Cons
While it is open source and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Alzheimer
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser with your phone on the go, your browsers should 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 has a support team?
Yes they do have a support staff that you can reach via their contact form. Visit the official site 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. Once you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, therefore they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through their contact form. Go to their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, therefore they fluctuate every now and then.
