OpenSea has grown to become one of the top platforms for NFTs. It was the first to launch a platform like this over the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d rather watch videos instead, take a look at the channel’s review. They’ll guide users through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you prefer the written word, go through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to check out 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 As Investment
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets that are listed 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 communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your account. In addition, you don’t have to open an account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s look at each.
Music
Music may be one of the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even older technology.
In the case of NFTs, you can gather avatars, virtual pets and other characters that can be sold or acquired. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT prior to when NFT was invented. In the present it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
Trading Cards
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected such as animated team logos.
Virtual Worlds
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual lands. A popular instance can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. 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 post your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and auction type and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
Fixed Price
The seller is the one to pay the price for the NFT. Like the name suggests, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over time. Sellers typically set up very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can 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 drops with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent cost competitive.
However, you must know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay for or transfer funds. Nft As Investment
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that 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 take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you do not have experience or knowledge about blockchain or coding. Nft As Investment
They also offer several types of digital asset, which makes it one of the largest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Cons
Although it’s decentralized and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency 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 provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft As Investment
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea has a support team?
Yes, they have a support team you can contact through their contact form. Just go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, therefore they constantly change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via its contact forms. Visit their website, and search on the page for “Submit a request.”
Do you have the ability to make 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. If you’re ready for selling them, list them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, which means they change from time to time.
