OpenSea has become one of the top 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 have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d rather watch videos instead, you can check out the channel’s review. They will guide users through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like the written word, look through what it is prior to we go over the 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. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Ramon Cajal
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, 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 very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
That means unless 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 possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer examine each.
Music
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars, digital pets, or any other characters that could be traded or collected. The rarer they are the more value they will 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 do the same with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected, like animated logos of teams.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters, or even virtual lands. A popular example can be Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by 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 your products on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. These are:
Fixed Price
The seller is the one who will be charged the price that is the NFT. Just as the name suggests the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. 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 will list the minimum price. This is different from the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent 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. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token once your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers get 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, or debit cards for payment for or transfer funds. Nft Ramon Cajal
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains 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 look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Ramon Cajal
They also offer several types of digital currency, making it one of the most popular NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Cons
While it is decentralized and offers one of the most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Ramon Cajal
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via its contact forms. Just go to their official website and search at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via its contact forms. Go to their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.
