OpenSea has become one of the top markets for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can provide the leverage you need. 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 an extensive read. If you prefer to watch videos instead, check out the channel’s review. They’ll walk the user through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you like reading, we’ll go through what it is prior to 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 will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Forensics
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without having to risk losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your account. In addition, you don’t have to make your account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to simplify 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 you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music
Music could be among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or collected. The more rare they are, the more value they be. 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 also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
Sports
Sports-related digital items are also available, like animated team logos.
Virtual Worlds
VR environments and components are now available for purchase. It is possible to purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters, and even virtual land. A popular example could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from 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 post them in the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and the type of auction 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 among five selling options. The choices are:
Fixed Price
The seller is the one to pay the cost for the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
In the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller will put up an NFT to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you must understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will depend 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 some NFTs have extra commissions. For instance, game designers get as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit and debit card to make payments or make a deposit. Nft Forensics
The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they 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, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. Nft Forensics
They also offer a range of digital assets, which makes them one of the most popular NFT marketplaces. The platform’s low costs are also a great method to make more money.
Cons
While it is open source and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Forensics
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Just go to the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, therefore they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via its contact forms. Just go to their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, therefore they constantly change from time to time.
