OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an established marketplace will help you get the leverage you need. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you’d prefer to take a look at videos instead, check out the channel’s review. They’ll walk you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you like to read, let’s go over what it is before 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Cancer
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 NFTs that are available aren’t only limited 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 began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is complete the digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can utilize their website to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.
Music
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars and digital pet, or other characters that can be traded or collected. The more rare they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT since before NFT became a reality. Today, you can also create digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
Trading Cards
You can also collect digital trading cards, such as those of Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects 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 are now classified as NFT. Names that are based on blockchain can be purchased 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 your products on OpenSea is simple. All you have to do is list them in the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and 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 fee for gas.
At present, you can select from five options for selling. These are:
Fixed Price
The seller is 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 determines a price that will fall over the course of. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller is required to put up an NFT for sale and lists the minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost competitive.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be created as a valid non-fungible token once your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers get 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 will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, and debit card to make payments or transfer funds. Nft Cancer
The NFTs can only be purchased or sold if your cryptocurrency 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 examine the benefits and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have experience or knowledge about coding or blockchain. Nft Cancer
They also provide a variety of digital asset, making them one of the most popular NFT marketplaces. The low platform fees are also an excellent method to make more money.
Cons
Although it’s decentralized and offers one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Cancer
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via the contact page. Visit their website, and look for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs that are charged by 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, therefore they change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled with money to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via their contact form. Go to their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, which means they constantly change at regular intervals.
