OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can provide the leverage you need. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite a long read. If you prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, go over what it is before we look into its fees 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 of OpenSea.
What is OpenSea? Nft Non Fungible
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music
Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, you can gather avatars, virtual pets or any other characters that could be traded or acquired. The rarer they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT prior to when NFT became a reality. In the present you can make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
Trading Cards
It is also possible to collect digital trading cards such as those of Sorare as well as BCCG.
Sports
The digital objects associated with sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects and even virtual land. A popular example is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being 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 post them on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and the type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select among five selling options. They are:
Fixed Price
The seller is the one to pay the price for the NFT. Just as the name suggests, it never changes.
Dutch Auction
For the Dutch Auction, the seller determines a price that will fall over the course of. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
English Auction
The seller is required to put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the payment when the auction closes 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 want to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed 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 charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost reasonable.
However, you must be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers are paid up to 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, or debit cards to pay or deposit. Nft Non Fungible
The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains 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 look at the advantages and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about blockchain or coding. Nft Non Fungible
They also offer a range of digital assets, which makes their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Cons
While it is open source and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
All in all, 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 Non Fungible
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via its contact forms. Just go to the official site and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
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 recurring fees. Prices are determined through the marketplace, which means they change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via their contact form. Just go to the official site and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, so they change at regular intervals.
