OpenSea is now one of the leading markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has experienced 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 curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an appropriate marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at videos instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you prefer reading, we’ll look over what it is before we go over the costs and what it has to offer.
Before you go on, 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 Funding 2021
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was established in the year 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 very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their browser 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 purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music
Music could be among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. 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 movie props, or even the older technologies.
For NFTs, you can collect avatars, digital pets or any other characters that could be traded or collected. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT prior to when NFT was invented. In the present it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those from Sorare as well as BCCG.
Sports
Digital items related to sports are also available, for example, animated team logos.
Virtual Worlds
VR spaces and 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 is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by 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 post your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
Fixed Price
The seller is the one to pay the price that is the NFT. Like the name suggests, it never changes.
Dutch Auction
For the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller is required to put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you want to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included 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 charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you must understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have 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 token that is non-fungible once your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers get 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit or debit cards to pay for or transfer funds. Nft Funding 2021
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets 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 take a look at the advantages and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Nft Funding 2021
They also provide a variety of digital asset, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Cons
Although it is decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as 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 buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds unusual, but that’s 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 as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Funding 2021
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via their contact form. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, which means they change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach through the contact page. Just go to their official website and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your 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?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they constantly change from time to time.
