OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you prefer to take a look at videos instead, check out the review of this channel. They’ll guide users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer reading, we’ll look through what it is prior to 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Should I Invest
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
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 platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is complete, your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying 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 kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or old technology.
In the case of NFTs, you can collect avatars, digital pets or any other characters that could be sold or taken home. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT prior to when NFT was invented. Today you can make the same thing with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or short video clips.
Trading Cards
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
Sports
Sports-related digital items are also available, like animated team logos.
Virtual Worlds
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters or even virtual worlds. A well-known instance could be Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs with specific capabilities. 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 from any person. 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 to list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller will be the one to charge the price of the NFT. Like the name suggests the price never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and lists the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost reasonable.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional 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 or debit cards to pay for or transfer funds. Nft Should I Invest
The NFTs can only be purchased or sold if your cryptocurrency is supported 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 when using OpenSea.
Pros
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. Nft Should I Invest
They also offer a range of digital currency, making their platform one of the biggest NFT marketplaces. Low platform costs are also a great way for you to make more money.
Cons
Although it’s open source and has one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support 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 from the platform.
Bottom Line
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Should I Invest
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support team can be reached via its contact forms. Go to their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, which means 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 you can use. When you’re using the browser on your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through the contact page. Go to their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using 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 gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, therefore they constantly change every now and then.
