OpenSea is now one of the leading platforms for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can give you the leverage you require. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch a video instead, check out the review of this channel. They’ll walk you through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you like the written word, go through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Jenya Jobs
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade 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 founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to find NFTs 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 available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes 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 became popular, there were individuals were interested in collecting items such as baseball cards film props, and even old technology.
In the case of NFTs, you can collect avatars and digital pet, or other characters that can be traded or acquired. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT prior to when NFT became a reality. As of today you can make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.
Trading Cards
You can also collect digital trading cards such as those from Sorare or BCCG.
Sports
Digital items related to sports can also be collected, such as animated team logos.
Virtual Worlds
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things such as game items and the VR environment virtual objects, characters or even virtual lands. A popular illustration can be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains 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 selling options?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and the type of auction then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select from 5 selling options. These are:
Fixed Price
The seller is the one to charge the price of the NFT. As the name implies it is not subject to change.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. 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 will list the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you’re looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you have to be aware that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will be based on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as 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 or debit cards for payment or make a deposit. Nft Jenya Jobs
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 take a look at the benefits and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Nft Jenya Jobs
They also offer a range of digital assets, making it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Cons
Although it’s decentralized and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Jenya Jobs
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Visit the official site and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, so they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through the contact page. Go to their website, and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, which means they constantly change from time to time.
