OpenSea is now one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an established marketplace will provide the leverage you require. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you’d rather watch videos instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like reading, we’ll look through what it is prior to we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Pipe Setup
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they’re an uncentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to find NFTs you’d like to purchase. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or acquired. The rarer they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT since before NFT became a reality. As of today, you can also make the same thing with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.
Trading Cards
You can also collect digital trading cards, such as the ones from Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected for example, animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. You can buy these metaverses or other things like game elements as well as the VR environment virtual objects, characters, or even virtual lands. A popular example could be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting 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 need to do is list them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
Fixed Price
The seller will be the one to pay the price for the NFT. As the name implies the price never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree 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 the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction 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 are looking to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you must know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards for payment for or make a deposit. Nft Pipe Setup
The NFTs can only be purchased or sold when 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 look at the advantages and drawbacks of using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft Pipe Setup
They also provide a variety of digital currency, which makes them one of the largest NFT marketplaces. The low platform charges are also a good method to make more money.
Cons
While it is decentralized and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s 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 financial decentralization.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces 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 Pipe Setup
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it with your phone on the go, your browsers must 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 do have a support team you can contact through the contact page. Just go to their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they constantly change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via the contact page. Visit the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
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 regular fees. Prices are determined through the marketplace, therefore they fluctuate from time to time.
