OpenSea has become one of the leading markets for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will provide 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 go on, we’d like to warn you. This review is quite a long read. If you’d rather watch a video instead, take a look at the channel’s review. They’ll walk you through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
For those who prefer to read, let’s go over the basics before we look into its fees 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Fantasy Week 6 Lineup
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does 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 on this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking their NFT ownership.
If the transaction is successful the digital assets will never be removed from your wallet. In addition, you don’t have to open an 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 browser to look for NFTs you’d like to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available 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 look at each.
Music
Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. 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 people invested in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, you can gather avatars and digital pet or other characters that can be sold or acquired. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT came to be. In the present it is possible to do the same with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
Sports
Sports-related digital items can also be collected for example, animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. A well-known example could be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be 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 selling options?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
Fixed Price
The seller will be the one to charge the cost that is the NFT. As the name implies, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a 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 auctions like the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% cost affordable.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers get as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit and debit card to make payments or make a deposit. Nft Fantasy Week 6 Lineup
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that 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 advantages and drawbacks when using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Fantasy Week 6 Lineup
They also offer several types of digital assets, making them one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Cons
Although it is decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, 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 Fantasy Week 6 Lineup
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via their contact form. Visit their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, so 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. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through the contact page. Visit their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.
