OpenSea has become one of the leading platforms for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer the written word, go through what it is prior to we look into its fees and what it has to 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 Art
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, 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 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds 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 are typically placed. Let’s review of each.
Music
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT prior to when NFT came to be. As of today it is possible to create digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Sports
Sports-related digital items can also be collected, like animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. You can buy these metaverses or other things such as game items and the VR environment characters, virtual objects or even virtual worlds. A well-known illustration is Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price 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 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. As the name implies the price never changes.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller is required to put up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you must know that certain NFTs charge higher transaction costs 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 imposed 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will be created as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers receive up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or transfer funds. Nft Art
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of 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 disadvantages when using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. Nft Art
They also offer a range of digital assets, making them one of the largest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
Cons
While it is open source and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, 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 Art
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via its contact forms. Visit the official site and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, which means they constantly change every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team you can contact through their contact form. Visit their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they change at regular intervals.
