OpenSea has become one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to take a look at a video instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll look over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to watch 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 of OpenSea.
What is OpenSea? Nft Protocol
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is successful, your digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d like to purchase. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or acquired. The rarer they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT since before NFT became a reality. As of today you can create digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even short video clips.
Trading Cards
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
Sports
The digital objects associated with sports can also be collected, such as animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters or even virtual worlds. A popular illustration can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. You can buy blockchain-based names 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 on OpenSea is easy. All you need to do is to list them on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. They are:
Fixed Price
The seller is the one to pay the price for the NFT. As the name implies the price never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller sets a price that will decrease in time. Sellers usually set very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may 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 lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
Bundles
If you’re looking to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you have to be aware that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency 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 use PayPal credit or debit cards to pay for or transfer funds. Nft Protocol
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of 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 take a look at the advantages and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Protocol
They also offer a range of digital assets, making it one of the most popular NFT marketplaces. The low platform charges are also a good method to earn more income.
Cons
While it is open source and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a 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 establish a crypto wallet to either sell or purchase from 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 is an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Protocol
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support team you can reach via the contact page. Go to their official 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 make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they fluctuate at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through the contact page. Just go to the official site and search for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also 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 offers one-time fees as well as recurring fees. The price is determined by the market, which means they constantly change at regular intervals.
