OpenSea has grown to become one of the top platforms 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 have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an established marketplace will give you the leverage you require. 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 our review, we’d like warn you. This review is lengthy. If you’d rather take a look at videos instead, check out this channel’s review. They’ll guide the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go over the basics before we examine its costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft-Oak-T
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest 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 list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets on the marketplace are held by users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is successful the digital assets won’t leave your account. In addition, you don’t have to create your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d prefer to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s look at each.
Music
Music is among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can gather avatars, digital pets or other characters that can be sold or collected. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT since before NFT came to be. In the present you can create digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
Trading Cards
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Sports
Digital items related to sports can also be collected, like animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual lands. One popular instance can be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being 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 to list your products on the marketplace. All you need to do is 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, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. These are:
Fixed Price
The seller will be the one to charge the cost for the NFT. Just as the name suggests, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. 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 different from that of the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold 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 included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost competitive.
But, it is important to understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created as a valid non-fungible token after 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.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers receive up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit and debit card to make payments or make a deposit. Nft-Oak-T
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can 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 examine the benefits and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about coding or blockchain. Nft-Oak-T
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. The low platform 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 still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft-Oak-T
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via their contact form. Go to the official site and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change every now and then.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it on your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through their contact form. Go to their website, and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means they fluctuate from time to time.
