OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you prefer to take a look at videos instead, you can check out this channel’s review. They will guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s go through what it is prior to we examine its costs 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. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Card Games
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they are an open marketplace, they use intelligent contracts so that users 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 will never be removed from your wallet. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or old technology.
In the case of NFTs, you can gather avatars, digital pets or any other characters that could be sold or taken home. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT, even before NFT came to be. Today it is possible to create digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or short video clips.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare or BCCG.
Sports
Digital items related to sports can also be collected like animated logos of teams.
Virtual Worlds
VR environments and components can be purchased. You can purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters and even virtual land. A popular illustration could be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut 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 have to do is list your products on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. These are:
Fixed Price
The seller will be the one who will be charged the cost of the NFT. Like 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 fall over the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > 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. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s 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 you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% cost affordable.
However, you must understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards for payment for or make a deposit. Nft Card Games
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that 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 advantages and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Nft Card Games
They also offer several types of digital assets, making their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Cons
Although it is decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five 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 Card Games
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through its contact forms. Just go to their website, and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via the contact page. Visit their official 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 the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, which means they change every now and then.
