OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you prefer to take a look at a video instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer the written word, go over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Shirt
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind 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 that are listed on the marketplace are held 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 putting at risk the security of their NFT ownership.
That means unless the transaction is complete the digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even older technology.
In the case of NFTs, you can gather avatars and digital pet, or any other characters that could be traded or acquired. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT, even before NFT was invented. Today, you can also make the same thing with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
Trading Cards
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Sports
Digital items related to sports can also be collected for example, 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. One popular example is Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs with specific functions. Examples are 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 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 on OpenSea is easy. All you have to do is list them on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. These are:
Fixed Price
The seller will be the one who will be charged the price of the NFT. Like the name suggests the price never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller will 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 bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. They can be sold on the marketplace.
Bundles
If you are looking to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee affordable.
However, you must understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be minted as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers get as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments for or make a deposit. Nft Shirt
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 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 take a look at the advantages and disadvantages of using OpenSea.
Pros
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft Shirt
They also offer a range of digital assets, making them one of the largest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Cons
While it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Shirt
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via their contact form. Visit the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, so they fluctuate every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Visit their official website and look at “Submit a request.”
Do you have the ability to make 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. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should 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 recurring fees. Prices are determined in accordance with the current market conditions, therefore they change every now and then.
