OpenSea has grown to become one of the leading platforms for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will give you the leverage you require. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you’d rather watch videos instead, you can check out this channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s go over the basics before we examine its costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Fertiliser Solutions
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was established in the year 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 among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
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 them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously 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 the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
If the transaction is successful your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their search engine to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets or other characters that can be traded or collected. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT prior to when NFT became a reality. Today you can make the same thing with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Sports
Sports-related digital items are also available, such as animated logos of teams.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things like game objects as well as the VR environment characters, virtual objects and even virtual land. A well-known example can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by 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 list your products on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
You can currently select from 5 selling options. These 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
For the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can 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 will list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
Bundles
If you want to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers are paid up to 15% as commissions for items 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 own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments for or deposit. Nft Fertiliser Solutions
The NFTs can only 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 examine the advantages and drawbacks when using OpenSea.
Pros
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about blockchain or coding. Nft Fertiliser Solutions
They also provide a variety of digital assets, making them one of the most popular NFT marketplaces. The low platform costs are also a great way for you to earn more income.
Cons
Although it’s decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Fertiliser Solutions
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it on 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 customer support team that you can contact through their contact form. Visit the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they fluctuate every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through its contact forms. Visit the official site and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy but you could also go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, which means they fluctuate every now and then.
