OpenSea is now one of the top markets for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch a video instead, check out the channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer reading, we’ll look over what it is before we look into its fees 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Grow Guide
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Since they are an open marketplace, they have smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d like 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 you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or old technology.
As for NFTs, you can gather avatars and digital pet, or other characters that can be traded or collected. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT since before NFT was invented. As of today it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards, such as those from Sorare as well as BCCG.
Sports
Digital items related to sports are also available, like animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. You can purchase these metaverses or other things such as game items and the VR environment virtual objects, characters and even virtual land. A well-known example can be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. Names that are based on blockchain can be purchased 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 have to do is post your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from 5 selling options. The choices are:
Fixed Price
The seller will be the one to charge the price that is the NFT. Like the name suggests, it never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
English Auction
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost competitive.
But, it is important to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers are paid 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or transfer funds. Nft Grow Guide
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that 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 examine the benefits and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about coding or blockchain. Nft Grow Guide
They also offer a range of digital currency, making their platform one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Cons
Although it is decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Grow Guide
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via its contact forms. Go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, therefore they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via its contact forms. Visit their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they constantly change at regular intervals.
