OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d rather take a look at videos instead, check out this channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
If you like to read, let’s look over the basics before we go over the costs and what it has to offer.
Before you go on, 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 our article for a more comprehensive review.
What is OpenSea? Nft Getting Rid Of Routes
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to users, not the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is completed, 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 supported wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to aid in 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 you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a review of 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 offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or old technology.
For NFTs, you can gather avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT prior to when NFT became a reality. As of today, you can also make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
You can also collect digital trading cards like those from Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected such as animated logos of teams.
Virtual Worlds
VR spaces and elements are now available for purchase. You can buy these metaverses or other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. One popular example can be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut 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 simple. All you have to do is post your products on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select among five selling options. They are:
Fixed Price
The seller will be the one who will be charged the price for the NFT. Just as the name suggests, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease in time. Sellers usually set very expensive 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 once they agree on a price.
English Auction
The seller puts up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes 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’re looking to sell several NFTs within one transaction, you can 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 charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however 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 developers get up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit or debit cards for payment or deposit. Nft Getting Rid Of Routes
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of 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 benefits and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Nft Getting Rid Of Routes
They also offer several types of digital currency, which makes it one of the biggest NFT marketplaces. Low platform fees are also an excellent method to earn more income.
Cons
Although it’s decentralized and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry 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 can charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Getting Rid Of Routes
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser with your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Visit the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What do I need so I can utilize 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. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through their contact form. Go to their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, which means they change at regular intervals.
