OpenSea is now one of the leading platforms for NFTs. It was the first to introduce a platform of this kind throughout 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 an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at a video instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you like to read, let’s go through what it is prior to 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Hair Fursuit
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, or older technology.
For NFTs, it is possible to collect avatars and digital pet, or any other characters that could be sold or collected. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT, even before NFT became a reality. Today you can make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.
Trading Cards
It is also possible to collect digital trading cards, such as the ones from Sorare or BCCG.
Sports
Digital items related to sports can also be collected, such as animated logos of teams.
Virtual Worlds
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things like game objects, the VR environment, characters, virtual objects and even virtual land. A popular illustration is Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by 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 simple. All you need to do is list them in the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. They are:
Fixed Price
The seller is the one to charge the price of the NFT. Just as the name suggests, it never changes.
Dutch Auction
For the Dutch Auction, the seller determines a price that will decrease over time. Sellers usually set very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
English Auction
The seller puts up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
> > 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. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers get up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional 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 make use of PayPal credit, debit, and debit card to make payments or deposit. Nft Hair Fursuit
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets 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 take a look at the advantages and drawbacks that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft Hair Fursuit
They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Cons
While it is decentralized and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Hair Fursuit
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support team can be reached via their contact form. Just go to their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through its contact forms. Visit their website, and search at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, therefore they change from time to time.
