OpenSea is now one of the leading markets for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since 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 beginning with an appropriate marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d rather take a look at a video instead, take a look at the review of this channel. They’ll guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll look over the basics before we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Quincy Jones
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy 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 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Because they’re an open marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to look for NFTs you’d like to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars, digital pets, or any other characters that could be sold or collected. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT, even before NFT became a reality. Today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
Trading Cards
You can also collect digital trading cards like those of Sorare or BCCG.
Sports
Digital items related to sports are also available, for example, animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual worlds. A well-known example is Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. It is possible to purchase blockchain-based domains 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 options for selling?
Selling on OpenSea is easy. All you need to do is to list them in 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.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select among five selling options. These are:
Fixed Price
The seller will be the one to charge the price for the NFT. As the name implies the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
English Auction
The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold on the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using 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 through a portion of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be issued as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will be based 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 extra commissions. For instance, game designers are paid up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards for payment or make a deposit. Nft Quincy Jones
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets 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 examine the advantages and drawbacks 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 prior experience or know-how in blockchain technology or programming. Nft Quincy Jones
They also offer several types of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Cons
While it is open source and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Quincy Jones
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via the contact page. Visit the official site and search at “Submit a request.”
Do you have the ability 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. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, therefore they constantly change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via the contact page. 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 need make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, so they fluctuate at regular intervals.
