OpenSea has grown to become one of the top markets for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created 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 our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk you through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s go through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to watch 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 Notification Sound Zedge
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to post NFTs purchased or made 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 very similar to that.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds 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 are typically placed. Let’s have a look at each.
Music
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even old technology.
For NFTs, you can collect avatars, virtual pets or any other characters that could be sold or taken home. The rarer they are the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT prior to when NFT was invented. In the present, you can also make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
Trading Cards
You can also collect digital trading cards such as those from Sorare and BCCG.
Sports
Sports-related digital items are also available, for example, animated logos of teams.
Virtual Worlds
VR spaces and elements can be purchased. You can buy these metaverses, or other items like game elements and the VR environment characters, virtual objects or even virtual worlds. One popular illustration could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from 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 simple. All you have to do is post them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select among five selling options. The choices are:
Fixed Price
The seller is the one who will be charged the price that is the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
In the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
> > 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 depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% fee competitive.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers are paid up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay or transfer funds. Nft Notification Sound Zedge
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets 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 advantages and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Nft Notification Sound Zedge
They also offer a range of digital asset, which makes them one of the most popular NFT marketplaces. Low platform costs are also a great method to make more money.
Cons
Although it’s decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Notification Sound Zedge
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through their contact form. Just go to their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges 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 prices are driven through the marketplace, which means they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through their contact form. Go to their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy but you could also look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, which means they constantly change at regular intervals.
