OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an established marketplace will help you get the leverage you need. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you’d prefer to watch videos instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, go through what it is prior to we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Near
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they use smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
If the transaction is successful your digital assets will never leave your account. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or old technology.
For NFTs, you can collect avatars and digital pet, and other characters that can be sold or taken home. The rarer they are the more value they be. 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. In the present, you can also do the same with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
Sports
Digital items related to sports can also be collected, for example, animated team logos.
Virtual Worlds
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters, or even virtual worlds. A popular instance can be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from 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 list them in the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. The choices are:
Fixed Price
The seller is the one to pay the price of the NFT. Like the name suggests, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set high prices. As time passes, the price will decrease until it is 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 will put up an NFT to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold in the marketplace.
Bundles
If you’re looking to sell multiple 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 charges?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional 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 surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you have to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or of the required 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers receive up to 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 crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards for payment or deposit. Nft Near
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains 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 look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if you do not have prior experience or know-how in coding or blockchain. Nft Near
They also provide a variety of digital asset, which makes it one of the largest NFT marketplaces. The low platform costs are also a great method to make more money.
Cons
Although it is open source and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Near
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through their contact form. Visit their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, which means they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team you can reach through their contact form. Visit the official site and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. It’s simple and free of gas, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, therefore they change from time to time.
