OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will help you get the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to watch videos instead, take a look at this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go through what it is prior to we go over the costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Corporation Guy Kaplinsky
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
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 have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is complete, your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their search engine 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 are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer 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, beats, vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or old technology.
In the case of NFTs, it is possible to collect avatars and digital pet or other characters that can be sold or taken home. The more rare they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT, even before NFT came to be. As of today it is possible to do the same with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
Sports
Digital items related to sports can also be collected, such as animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects or even virtual lands. A well-known example can be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. You can buy blockchain-based names 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 your products on OpenSea is easy. All you need to do is to list them on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and auction type then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller will be the one who will be charged the cost that is the NFT. Like the name suggests, it never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers generally set expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
English Auction
The seller will put up an NFT to sell and list the minimum price. This is in contrast to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you could 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 additional fees?
It is common 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 price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent cost affordable.
However, you have to be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment for or deposit. Nft Corporation Guy Kaplinsky
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of 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 disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. Nft Corporation Guy Kaplinsky
They also provide a variety of digital asset, making them one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Cons
Although it’s 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 create your crypto wallet to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Corporation Guy Kaplinsky
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it on your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support staff that can be reached via the contact page. Go to their website, and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, therefore they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through the contact page. Go to the official site and look 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 then add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, so they change from time to time.
