OpenSea is now one of the leading platforms for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to watch videos instead, check out the channel’s review. They’ll walk the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer reading, we’ll look over the basics before we look into its fees 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Inc California
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is completed the digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to 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 that you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer look at each.
Music
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even the older technologies.
For NFTs, it is possible to collect avatars, virtual pets and other characters that can be traded or taken home. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT prior to when NFT came to be. Today it is possible to make the same thing with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
Trading Cards
You can also collect digital trading cards like those of Sorare as well as BCCG.
Sports
Sports-related digital items are also available, such as animated logos of teams.
Virtual Worlds
VR environments and components can be purchased. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters, or even virtual worlds. One popular instance can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come 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 any person. 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 on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose among five selling options. They are:
Fixed Price
The seller is the one to pay the price of the NFT. Like the name suggests the price never changes.
Dutch Auction
In the Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.
English Auction
The seller is required to put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price decreases 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 can automatically take over the payment if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee affordable.
However, you have to understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers get 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, and debit card to make payments or transfer funds. Nft Inc California
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of blockchains and wallets that 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 benefits and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. Nft Inc California
They also offer several types of digital asset, which makes them one of the most popular NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Cons
Although it’s decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Inc California
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through their contact form. Just go to their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they constantly 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. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Visit their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, which means they fluctuate every now and then.
