OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth since 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 with NFTs beginning with 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 the right choice for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you’d rather watch a video instead, check out the review of this channel. They’ll walk you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer the written word, go over what it is before we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Grow Tanks
OpenSea is a marketplace that deals in non-fungible tokens, also referred to 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 restricted to art, music game items, domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk losing 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 have to do is have a web3 supported wallet.
For those who are buyers you can utilize their website to find NFTs you’d like to buy. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where 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 restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet, or other characters that can be sold or taken home. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT, even before NFT came to be. As of today it is possible to make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.
Sports
Digital items related to sports can also be collected, for example, animated team logos.
Virtual Worlds
VR environments and components can now also be bought. You can buy these metaverses and other things like game objects, the VR environment, characters, virtual objects or even virtual worlds. A well-known illustration can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you need to do is to list your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and auction type then you’re all set.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
Fixed Price
The seller will be the one who will be charged the cost that is the NFT. Like the name suggests it is not subject to change.
Dutch Auction
For the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers generally set expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller puts 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 drops over time. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you’re looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee competitive.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need 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 for or make a deposit. Nft Grow Tanks
The NFTs are only able to be purchased or traded if your cryptocurrency 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 take a look at the advantages and drawbacks of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Grow Tanks
They also offer several types of digital currency, making them one of the biggest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Cons
Although it is decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and unusual, 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 wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Grow Tanks
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team that can be reached via their contact form. Just go to their official website and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore they fluctuate at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through its contact forms. Visit their website, and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, which means they change every now and then.
