OpenSea is now one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you prefer to watch a video instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer reading, we’ll go over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Major Company
OpenSea provides a platform that deals in non-fungible tokens, also referred to 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 limited to music, art, game items, and domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never leave your account. Moreover, you aren’t required to open an account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, and even old technology.
For NFTs, you can gather avatars and digital pet or any other characters that could be sold or acquired. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT since before NFT became a reality. As of today it is possible to do the same with digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
Trading Cards
It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.
Sports
Digital items related to sports can also be collected like animated logos of teams.
Virtual Worlds
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game objects and the VR environment virtual objects, characters, and even virtual land. A well-known instance could be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be 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 selling options?
Selling your products on OpenSea is simple. All you have to do is to list them in the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller is the one who will be charged the cost that is the NFT. As the name implies it is not subject to change.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in the course of. Sellers usually set very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold on the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% cost competitive.
However, you must know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers receive as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, or debit cards for payment or deposit. Nft Major Company
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of 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 benefits and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Major Company
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. Low platform fees are also an excellent way for you 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 payment. Having no fiat support and no support for payments using currency like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety 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 having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Major Company
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through their contact form. Visit the official site and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, therefore they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through its contact forms. Go to their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, therefore they fluctuate at regular intervals.
