OpenSea has become one of the top marketplaces for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d rather watch a video instead, check out the review of this channel. They’ll guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you like to read, let’s look over the basics before we examine its costs and what it can offer.
Before you continue, 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Setup
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with 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 a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without having to risk the security of their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your account. In addition, you don’t have to make your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to find NFTs you’d prefer to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music
Music may be one of the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars and digital pet and other characters that can be sold or collected. The rarer they are the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT since before NFT came to be. As of today, you can also create digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected for example, animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things like game elements and the VR environment characters, virtual objects or even virtual worlds. A well-known illustration could be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you need to do is post your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. They are:
Fixed Price
The seller is the one who will be charged the price for the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
For the Dutch Auction, the seller determines a price that will decrease over time. Sellers usually set very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and lists the minimum price. This is different from auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you have to be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be created as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers get up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, or debit cards to pay for or make a deposit. Nft Setup
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets 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 examine the advantages and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Setup
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Cons
While it is decentralized and has one of the most diverse NFT selections, it has 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 buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Setup
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via their contact form. Go to their website, and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, therefore they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through its contact forms. Go to their website, and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can 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, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, therefore they constantly change every now and then.
