OpenSea is now one of the most popular markets for NFTs. It was the first to launch a platform like this in the past. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will help you get the leverage you require. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you prefer to watch a video instead, check out the channel’s review. They’ll walk users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you like to read, let’s look over what it is before we look into its fees and what it can offer.
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 the article for a more comprehensive review.
What is OpenSea? Nft Cards For Sale
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as 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 among the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on the platform are owned by the users, not the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even the older technologies.
As for NFTs, you can gather avatars and digital pet or other characters that can be sold or collected. The rarer they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT became a reality. As of today you can create digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected like animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses, or other items like game elements as well as the VR environment characters, virtual objects and even virtual land. A well-known instance can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
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 your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. The choices are:
The seller is the one to charge the cost that is the NFT. Like the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is different from the Dutch Auction, where the price drops with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee reasonable.
However, you have to know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be issued 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 anticipate it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers are paid up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit and debit card to make payments or make a deposit. Nft Cards For Sale
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Nft Cards For Sale
They also offer several types of digital currency, which makes them one of the biggest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been growing over the years. 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 cater to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Cards For Sale
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it through your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through the contact page. Just go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, therefore they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach through the contact page. Just go to the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they change at regular intervals.