OpenSea has become one of the leading platforms for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an established marketplace will give you the leverage you need. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d rather watch a video instead, take a look at the channel’s review. They will guide the user through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer the written word, look over what it is 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 will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Inc
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s look at each.
Music
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even the older technologies.
In the case of NFTs, you can collect avatars, virtual pets, or any other characters that could be traded or taken home. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT, even before NFT became a reality. In the present, you can also do the same with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
You can also collect digital trading cards, such as the ones from Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected, like animated team logos.
Virtual Worlds
VR environments and components can now also be bought. You can purchase these metaverses and other things like game objects and the VR environment virtual objects, characters and even virtual land. A well-known instance is Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. It is possible to purchase blockchain-based domains 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 have to do is post them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. They are:
Fixed Price
The seller is the one to charge the cost for the NFT. As the name implies it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers usually set very expensive prices. With time, the value will lower until it becomes 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 agree on a price.
English Auction
The seller will put up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent fee affordable.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or make a deposit. Nft Inc
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 examine the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Inc
They also provide a variety of digital asset, making their platform one of the largest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Cons
Although it’s decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative 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 wide range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Inc
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Go to their website, and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can also 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, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, which means they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via their contact form. Just go to their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas, but you can also check out their tutorials.
What are gas fees?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, so they change from time to time.
