OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you’d rather watch videos instead, check out this channel’s review. They’ll guide the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like to read, let’s look over what it is 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Foundation
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on this platform belong to users, not by the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to find NFTs you’d like to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music
Music may be one of the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or older technology.
For NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or taken home. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT prior to when NFT was invented. Today it is possible to do the same with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. You can buy these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, and even virtual land. 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 capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by 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 have to do is list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added your price 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 fee for gas.
Currently, you can choose among five selling options. These are:
Fixed Price
The seller will be the one who will be charged the price of the NFT. Like the name suggests, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in the course of. Sellers generally set expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
Bundles
If you want to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you have to be aware that certain NFTs charge higher transaction costs 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.
Additionally, transacting to Etheruem is costly. The NFT collection will only be created as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game designers receive 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or transfer funds. Nft Foundation
The NFTs can be purchased or sold only if the cryptocurrency you’re using 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 take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Foundation
They also provide a variety of digital assets, which makes their platform one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Cons
Although it is decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.
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 Foundation
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via the contact page. Visit the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they change 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 users can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via its contact forms. Go to the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, therefore they constantly change from time to time.
