OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities 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. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at videos instead, check out the review of this channel. They will guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, go through what it is prior to we examine its costs and what it can 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Channels Canada
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange 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 the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets listed in the platform are owned by users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can simplify 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 from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.
Music
Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals or anything else an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles like baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars, digital pets, or other characters that can be traded or taken home. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT prior to when NFT was invented. In the present it is possible to create 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
You can also collect digital trading cards like the ones from Sorare and BCCG.
Sports
Sports-related digital items can also be collected, like animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual worlds. A well-known instance can be Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select among five selling options. The choices are:
Fixed Price
The seller will be the one to pay the price of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
In the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present 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 to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
Bundles
If you are looking to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be minted as a valid, non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment for or transfer funds. Nft Channels Canada
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they are able to 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 take a look at the advantages and drawbacks of using OpenSea.
Pros
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. Nft Channels Canada
They also offer a range of digital assets, making their platform one of the largest NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Cons
Although it’s open source and has one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
Overall, 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 Channels Canada
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via its contact forms. Just go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they change every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. Visit the official site and look for “Submit a request.”
Do you have the ability 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. If you’re ready for selling the items, post them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, which means they fluctuate at regular intervals.
