OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from a good marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea is always 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 a long read. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you like the written word, look over what it is before we examine its costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Out Of The Loop
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful the digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can utilize their website to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer examine each.
Music
Music may be one of the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even older technology.
As for NFTs, you can collect avatars, virtual pets, or any other characters that could be sold or acquired. The more rare they are, the greater value they 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 was invented. In the present it is possible to create digital artworks. It’s not just 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 from Sorare or BCCG.
Sports
Sports-related digital items can also be collected, like animated team logos.
Virtual Worlds
VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items like game elements as well as the VR environment characters, virtual objects and even virtual land. One popular illustration could be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples are 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 which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. They are:
Fixed Price
The seller will be the one to pay the cost for the NFT. As the name implies the price never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller puts 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 decreases with time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
Bundles
If you’re looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% fee affordable.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit or debit cards to pay for or deposit. Nft Out Of The Loop
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 take a look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about coding or blockchain. Nft Out Of The Loop
They also offer a range of digital asset, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Cons
Although it’s decentralized and has one of the largest NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to 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 financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Out Of The Loop
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via their contact form. Just go to their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, therefore they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through the contact page. Visit the official site and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, 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 is a one-time fee and periodic fees. The price is determined by the market, which means they constantly change at regular intervals.
