OpenSea is now one of the leading marketplaces for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can give you the leverage you require. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is a long read. If you prefer to watch videos instead, check out the review of this channel. They’ll walk you through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you prefer the written word, go through what it is prior to we go over the costs and what it has to offer.
Before you go on, you may want to watch 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 of OpenSea.
What is OpenSea? Nft In Brain
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind 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 the marketplace are held by users, not by the platform. Since they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
This means that 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 browser to find NFTs you’d like to purchase. They also have filters available to make your search easier.
> > 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 available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even old technology.
In the case of NFTs, you can gather avatars, digital pets, or other characters that can be traded or collected. The more rare they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT since before NFT became a reality. As of today, you can also make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Sports
Digital items related to sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters, or even virtual lands. 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 are now considered to be NFT. You can buy blockchain-based names 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 your products on OpenSea is simple. All you need to do is post them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select among five selling options. The choices are:
Fixed Price
The seller will be the one to charge the price of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over the course of. Sellers generally set high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
English Auction
The seller is required to put up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. You can then sell them on the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included 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 charges to use the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee affordable.
However, you have to know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be created as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, or debit cards for payment or deposit. Nft In Brain
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they 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 drawbacks when using OpenSea.
Pros
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft In Brain
They also provide a variety of digital assets, making their platform one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Cons
Although it is decentralized and has one of the largest NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from 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 caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft In Brain
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via the contact page. Just go to their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, so they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Visit their website, and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
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 periodic fees. The prices are driven by the market, so they constantly change every now and then.
