OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will give you the leverage you require. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you prefer to watch a video instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll look over the basics before we examine its costs 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Privacy And Security
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, 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 created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the 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 list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets on this platform belong to users, not the platform. Since they are a decentralized marketplace, they use 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 completed the digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser 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 are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even old technology.
In the case of NFTs, you can gather avatars, virtual pets or any other characters that could be sold or acquired. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT, even before NFT became a reality. In the present it is possible to make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.
Trading Cards
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected for example, animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters or even virtual lands. A popular instance can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. 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 post them in the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select among five selling options. They are:
Fixed Price
The seller will be the one who will be charged the price of the NFT. As the name implies it is not subject to change.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers usually set very 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 present an offer. The NFT is sold after 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 that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
Bundles
If you’re looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent cost affordable.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers get as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments for or make a deposit. Nft Privacy And Security
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they 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 advantages and disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft Privacy And Security
They also provide a variety of digital asset, making them one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Cons
Although it’s decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Privacy And Security
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through their contact form. Just go to their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees 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. The price is determined by the market, so they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach through its contact forms. Visit their website, and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they fluctuate at regular intervals.
