OpenSea is now one of the leading platforms for NFTs. It’s also the first to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can provide the leverage you require. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is a long read. If you’d rather take a look at videos instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you prefer the written word, go over what it is before we go over the costs 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Channel Length
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was established in the year 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 which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to buy. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music
Music could be among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars, digital pets or other characters that can be sold or acquired. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT since before NFT was invented. Today it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards like those of Sorare and BCCG.
Sports
Digital items related to sports can also be collected for example, animated team logos.
Virtual Worlds
VR environments and components can be purchased. You can buy these metaverses or other things like game objects, the VR environment, virtual objects, characters or even virtual worlds. One popular instance could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select among five selling options. They are:
Fixed Price
The seller is the one to charge the price of the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and will list the minimum price. This is different from auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
Bundles
If you’re looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed 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 to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee affordable.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or make a deposit. Nft Channel Length
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of blockchains and wallets 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 look at the benefits and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Nft Channel Length
They also offer a range of digital assets, making it one of the biggest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Cons
While it is decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Channel Length
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via their contact form. Go to the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create 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 the gas prices?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via its contact forms. Just go to their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they constantly change every now and then.
