OpenSea is now one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can provide the leverage you require. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather take a look at videos instead, check out the review of this channel. They’ll walk the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you prefer to read, let’s look over the basics before 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Games Ranking
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first 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 have a vast collection of NFTs that are constantly growing. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is complete, your digital assets will never leave your account. In addition, you don’t have to make your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s have a examine each.
Music
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also buy mixtapes, remixes of beats, remixes, 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 became popular, some people invested in collectibles such as baseball cards, film props, or old technology.
For NFTs, it is possible to collect avatars and digital pet or other characters that can be sold or acquired. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT since before NFT came to be. In the present it is possible to make the same thing with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
Trading Cards
You can also collect digital trading cards such as those from Sorare and BCCG.
Sports
Sports-related digital items can also be collected, such as animated logos of teams.
Virtual Worlds
VR environments and components are now available for purchase. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual worlds. One popular instance can be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to 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 on 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 then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. They are:
Fixed Price
The seller will be the one to charge the cost that is the NFT. Just as the name suggests the price never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. 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 an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. They can be sold through the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, and debit card to make payments or make a deposit. Nft Games Ranking
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains 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 drawbacks of using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Games Ranking
They also offer a range of digital asset, which makes their platform one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
Cons
Although it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Games Ranking
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through their contact form. Just go to their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should 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. Go to the official site and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy but you could also look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, which means they fluctuate from time to time.
