OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you prefer to watch a video instead, check out the channel’s review. They will guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s go over the basics before we examine its costs and the benefits it offers.
Before you go on, 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 of OpenSea.
What is OpenSea? Nft Catcher
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of 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 are constantly growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite 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 open marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never be removed from your account. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their browser to look for NFTs you’d like to purchase. They also have filters available to simplify 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 available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, you can collect avatars and digital pet or any other characters that could be traded or acquired. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT, even before NFT was invented. As of today it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
Sports
Sports-related digital items can also be collected, like animated team logos.
Virtual Worlds
VR environments and components can be purchased. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A well-known example could be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller is the one to pay the cost that is the NFT. Like the name suggests the price never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller will put up an NFT to sell and list a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
But, it is important to understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers receive as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or make a deposit. Nft Catcher
The NFTs can be purchased or traded if your cryptocurrency is supported 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 advantages and disadvantages of using OpenSea.
Pros
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Nft Catcher
They also offer several types of digital assets, which makes their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Cons
While it is open source and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces can 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 Catcher
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through the contact page. Visit the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and 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 can also look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they constantly change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through its contact forms. Go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, so they change from time to time.
