OpenSea is now one of the most popular markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It’s 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 their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an established marketplace will help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to watch a video instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll look through what it is prior to 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Bust
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets on this platform belong to users, not the platform. Because they’re a decentralized marketplace, they are equipped with 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 complete, your 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.
If you’re a buyer, you can use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars, virtual pets, or any other characters that could be traded or taken home. 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 popular NFT since before NFT came to be. As of today, you can also create digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even short video clips.
Trading Cards
You can also collect 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 spaces and elements can be purchased. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters and even virtual land. A popular illustration could be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and auction type, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. The choices are:
Fixed Price
The seller will be the one who will be charged the price of the NFT. As the name implies it is not subject to change.
Dutch Auction
In the Dutch Auction, the seller decides on a price which will decrease over time. Sellers generally set expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
English Auction
The seller is required to put up an NFT to sell and list the minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. 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 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 in the marketplace.
Bundles
If you want to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent fee competitive.
But, it is important to know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers get 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 will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments or transfer funds. Nft Bust
The NFTs can only be purchased or sold if 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 examine the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Bust
They also offer several types of digital assets, which makes it one of the biggest NFT marketplaces. Low platform charges are also a good method to earn more income.
Cons
Although it’s 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, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Bust
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through the contact page. Visit their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate 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 that you can utilize. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via the contact page. Go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. When 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 the costs for gas?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, so they change at regular intervals.
