OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can provide the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite lengthy. If you prefer to take a look at a video instead, check out the channel’s review. They will guide you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
For those who prefer reading, we’ll look over the basics before 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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Mean
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or collected. 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 one of the most popular NFT prior to when NFT came to be. Today you can create digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
Sports
Digital items related to sports can also be collected like animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters, and even virtual land. A popular instance could be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut 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 have to do is post them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
Fixed Price
The seller is the one to pay the price for the NFT. Like the name suggests the price never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold on the marketplace.
Bundles
If you’re looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
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 sales commission apart from the imposed 2.5 percentage.
Furthermore, transactions 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 vary based on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game designers receive as much as 15% as commissions for 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 crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or deposit. Nft Mean
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 advantages and disadvantages of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Mean
They also offer a range of digital currency, making it one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Cons
While it is decentralized and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
In the end, 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 Mean
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that can be reached via its contact forms. Visit the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they constantly change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach through its contact forms. Go to the official site and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction charges 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 regular fees. The prices are driven through the marketplace, therefore they constantly change every now and then.
