OpenSea has become one of the top markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you require. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you’d rather watch a video instead, check out this channel’s review. They’ll walk the user through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you prefer the written word, look over what it is before we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft By Volume
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is successful your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes 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 invested in collectibles such as baseball cards, movie props, or even the older technologies.
For NFTs, it is possible to collect avatars, digital pets or any other characters that could be sold or acquired. The rarer they are, the more value they 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 became a reality. As of today, you can also make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or small video clip clips.
Trading Cards
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
Sports
Sports-related digital items are also available, such as animated logos of teams.
Virtual Worlds
VR spaces and elements can now also be bought. You can purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects or even virtual lands. A well-known illustration is Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. 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 post them on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller 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. They are:
Fixed Price
The seller is the one to charge the price for the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers typically set up very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller is required to put up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
Bundles
If you want to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks 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 kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers get 15 percent or more commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards for payment for or transfer funds. Nft By Volume
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 are able to 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 of using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft By Volume
They also offer several types of digital currency, which makes their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Cons
Although it’s decentralized and offers one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft By Volume
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through the contact page. Just go to their official website and look at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can use. In the event that you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach through the contact page. Go to their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, therefore they fluctuate from time to time.
