OpenSea has become one of the top platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite a long read. If you’d rather take a look at a video instead, take a look at the channel’s review. They will guide you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll look through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Epoxy
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy 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 founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to search for NFTs that 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 are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer review of each.
Music
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars and digital pet or other characters that can be sold or taken home. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT prior to when NFT came to be. Today, you can also do the same with digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
Trading Cards
You can also collect digital trading cards like those from Sorare and BCCG.
Sports
Digital items related to sports are also available, such as animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. You can buy these metaverses, or other items such as game items, the VR environment, characters, virtual objects or even virtual worlds. A well-known instance is Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list your products on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and auction type then you’re all set.
For 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. They are:
Fixed Price
The seller will be the one to pay the cost of the NFT. As the name implies it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present 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 lists the minimum price. This is different from the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
Bundles
If you’re looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
> > 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. The fee is charged can vary per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% cost competitive.
But, it is important to understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers get 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. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or transfer funds. Nft Epoxy
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Nft Epoxy
They also offer several types of digital currency, which makes them one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Cons
Although it is decentralized and has one of the most diverse NFT collection, the service still 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 from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, 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 as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as five percent.
In the end, 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 Epoxy
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via its contact forms. Just go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, therefore they constantly change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via the contact page. Just go to their website, and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
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 periodic fees. Prices are determined by the market, which means they fluctuate every now and then.
