OpenSea has become one of the leading markets for NFTs. It’s also the first one to release such a platform throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can provide the leverage you need. That’s why we made this review – OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d rather take a look at videos instead, check out this channel’s review. They will guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll look over the basics before 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Email Address
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange 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 created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on the platform are owned by the users, not the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your account. Moreover, you aren’t required to open an 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 search engine to find NFTs you’d like to buy. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer examine each.
Music
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even old technology.
For NFTs, you can gather avatars and digital pet or other characters that can be traded or taken home. The more rare they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT since before NFT was invented. As of today you can create digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Sports
Digital items related to sports can also be collected such as animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. It is possible to purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters, or even virtual lands. A well-known instance is Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. 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 simple. All you have to do is post them on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller will be the one who will be charged the price of the NFT. As the name implies the price never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.
English Auction
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
Bundles
If you’re looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee affordable.
But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional 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 use PayPal credit and debit card to make payments for or transfer funds. Nft Email Address
The NFTs are only able to be bought or sold 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 drawbacks that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft Email Address
They also offer several types of digital assets, which makes it one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Cons
While it is open source and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own 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 odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Email Address
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Just go to their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through their contact form. Just go to the official site and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. When 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?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, so they change at regular intervals.
