OpenSea is now one of the leading platforms for NFTs. It was the first to introduce a platform of this kind over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to watch a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like to read, let’s look over the basics before we examine its costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Look Up
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency 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 an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to buy. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or old technology.
For NFTs, you can gather avatars, digital pets or other characters that can be traded or acquired. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT, even before NFT came to be. Today, you can also do the same with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
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 for example, animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters, and even virtual land. One popular example can be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples come from 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 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 list your products on the marketplace. You only have to ensure your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller will be the one to charge the price for the NFT. As the name implies, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
English Auction
The seller puts up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the bid 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 through the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost reasonable.
However, you have to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers receive as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards for payment or transfer funds. Nft Look Up
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the 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 take a look at the advantages and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions safe and nearly 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 or coding. Nft Look Up
They also offer several types of digital asset, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Cons
Although it is decentralized and offers one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is 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% fee on sales is acceptable, given that some online stores can charge as high as 5 %.
All in all, 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 Look Up
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through its contact forms. Just go to the official site and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through their contact form. Visit their official 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 have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
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 periodic fees. The price is determined through the marketplace, which means they constantly change at regular intervals.
