OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good 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 the right choice for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, check out the review of this channel. They’ll walk you through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s go through what it is prior to we go over the costs and the benefits it offers.
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 the article for a more comprehensive review.
What is OpenSea? Nft In 2021
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited 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 facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or older technology.
In the case of NFTs, it is possible to collect avatars and digital pet or any other characters that could 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 has always been one of the most sought-after NFT prior to when NFT became a reality. Today, you can also make the same thing with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs or images, as well as small video clip clips.
Trading Cards
It is also possible to collect digital trading cards such as the ones from Sorare as well as BCCG.
Sports
Digital items related to sports are also available, like animated logos of teams.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual lands. A well-known example could be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. 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 list your products on the marketplace. You only have to make sure your account is linked. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
At present, you can select from five options for selling. These are:
Fixed Price
The seller will be the one to pay the cost for the NFT. Like the name suggests, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
Bundles
If you’re looking to sell several NFTs under one transaction, you could 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 fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you must understand that some 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 commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers get 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay for or make a deposit. Nft In 2021
The NFTs can only be bought or sold 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 examine the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft In 2021
They also offer a range of digital assets, making it one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Cons
Although it is decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft In 2021
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Visit their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through its contact forms. Just go to their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have 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 look over their instructional videos.
What are the costs for gas?
These are transactions charges that are charged by 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 through the marketplace, so they change every now and then.
