OpenSea has become one of the leading platforms for NFTs. It’s also the first one to release such a platform in the past. 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 their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you’d prefer to take a look at videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like to read, let’s look over the basics before we look into its fees 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 Pyramid
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is complete your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers you can use their browser to look for NFTs you’d like to buy. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer examine each.
Music
Music could be among the most popular 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. You can also purchase background noises like rain, indistinct chatters, 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 the older technologies.
In the case of NFTs, you can collect avatars, virtual pets, and other characters that can be sold or collected. The more rare 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 well-known NFT since before NFT came to be. As of today, you can also create digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or small video clip clips.
Trading Cards
You can also collect digital trading cards like those of Sorare or BCCG.
Sports
Sports-related digital items are also available, such as animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. One popular illustration can be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. 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 post them in the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller will be the one who will be charged the price for the NFT. As the name implies the price never changes.
Dutch Auction
In the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers typically set up very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
English Auction
The seller puts up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically 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 artworks sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. 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% fee reasonable.
However, you have to know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be created as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to 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 payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards for payment or transfer funds. Nft Pyramid
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 benefits and disadvantages that come with using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Nft Pyramid
They also offer a range of digital asset, making it one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Cons
Although it is open source and has one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been expanding over the past few years. 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 can be a service to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Pyramid
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it on your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via the contact page. Just go to their website, and look on the page for “Submit a request.”
Are you able to mint 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. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they fluctuate at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via their contact form. Go to their website, and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, which means they change at regular intervals.
