OpenSea is now one of the top platforms for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will provide the leverage you need. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, check out the channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like reading, we’ll go over what it is before we look into its fees 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 overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Gaurd
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets on the marketplace are held by users, not the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer examine each.
Music
Music is among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars, digital pets or any other characters that could be traded or taken home. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT since before NFT became a reality. Today it is possible to do the same with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Sports
Digital items related to sports can also be collected like animated logos of teams.
Virtual Worlds
VR spaces and elements can now also be bought. You can buy these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual worlds. A popular example is Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being 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 simple. All you need to do is post them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
Fixed Price
The seller will be the one who will be charged the price that is the NFT. Just as the name suggests, it never changes.
Dutch Auction
In the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller puts 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 drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
Bundles
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings sold.
With OpenSea, you will 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 5% per sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you have to be aware that certain NFTs have higher transaction charges 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%.
In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers are paid up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards for payment or deposit. Nft Gaurd
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the 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 examine the benefits and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. Nft Gaurd
They also provide a variety of digital currency, making their platform one of the largest NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Cons
Although it is open source and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as five 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 Gaurd
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team you can contact through its contact forms. Visit their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, so they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach through its contact forms. Visit the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they change every now and then.
