OpenSea has grown to become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at videos instead, check out the review of this channel. They’ll guide users through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer to read, let’s go through what it is prior to we go over the costs and what it can offer.
Before you continue, 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 Itam
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was established in the year 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 as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can 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 available to purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer review of each.
Music
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or the older technologies.
For NFTs, you can collect avatars, digital pets, or other characters that can be sold 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 well-known NFT prior to when NFT was invented. As of today it is possible to create digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
Trading Cards
There is also the possibility of collecting 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 are now available for purchase. You can purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters or even virtual lands. One popular example could be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list your products on the marketplace. You only have 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, you will be subjected to a one-time fee for gas.
Currently, you can choose among five selling options. The choices are:
Fixed Price
The seller is the one to charge the price of the NFT. As the name implies, it never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fall over the course of. Sellers usually set very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller puts 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. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
Bundles
If you want to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, or debit cards to pay for or transfer funds. Nft Itam
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that 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 take a look at the advantages and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if you do not have prior experience or know-how in blockchain technology or programming. Nft Itam
They also offer several types of digital currency, making them one of the largest NFT marketplaces. The low platform charges are also a good method to make more money.
Cons
Although it is decentralized and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Itam
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via the contact page. Visit their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions costs 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 by the market, so they constantly change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team you can contact through the contact page. Just go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, therefore they fluctuate every now and then.
