OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to release such a platform over the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at a video instead, you can check out the channel’s review. They will guide the user through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you like the written word, look through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Erikranta
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about these is that they permit users to sell NFTs bought or created 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 listed in the marketplace are held by the users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine 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 kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s examine each.
Music
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even older technology.
In the case of NFTs, you can collect avatars and digital pet, and other characters that can be sold or taken home. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT since before NFT became a reality. Today you can do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
Trading Cards
It is also possible to collect digital trading cards like those of Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected such as animated team logos.
Virtual Worlds
VR environments and components can be purchased. You can purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. One popular instance can be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered 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 options for selling?
Selling your products on OpenSea is simple. All you have to do is list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. They are:
Fixed Price
The seller will be the one who will be charged the cost that is the NFT. Just as the name suggests the price never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers usually set very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present 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 an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold in the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you have to understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit or debit cards to pay for or transfer funds. Nft Erikranta
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they can 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 examine the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Nft Erikranta
They also provide a variety of digital assets, which makes it one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Cons
Although it is open source and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces can charge as high 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 Erikranta
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through its contact forms. Visit the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, therefore they constantly change every now and then.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it with your mobile phone, the 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 start.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through their contact form. Go to their official website and search at “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 the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.
