OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this over the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at a video instead, check out this channel’s review. They will guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s look through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Fundraising Honor Roll How To
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is 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 them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is completed the digital assets will never be removed from your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d like to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are 8 categories where 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 songs 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 or various other sound effects.
Collectibles
Even before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, you can collect avatars, digital pets, or other characters that can be traded or acquired. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT prior to when NFT was invented. Today, you can also make the same thing with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even short video clips.
Trading Cards
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Sports
Sports-related digital items are also available, like animated team logos.
Virtual Worlds
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things like game elements and the VR environment characters, virtual objects or even virtual worlds. A well-known instance can be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs with specific features. 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 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 them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can 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 the price never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers typically set up very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee affordable.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be created as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based 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 charge extra commissions. For instance, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or deposit. Nft Fundraising Honor Roll How To
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains 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 look at the advantages and drawbacks that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Nft Fundraising Honor Roll How To
They also provide a variety of digital asset, which makes their platform one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Cons
While it is decentralized and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Fundraising Honor Roll How To
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through their contact form. Go to their official website and look on the page 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 it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, which means they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through its contact forms. Visit their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can 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 sale. It’s easy and gas-free to do, however you should 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 offers one-time fees as well as recurring fees. The prices are driven by the market, so they constantly change every now and then.
