OpenSea has become one of the top platforms for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an established marketplace will provide the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch videos instead, check out the review of this channel. They will guide you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s look through what it is prior to we examine its costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Sign Up
OpenSea is a marketplace for non-fungible currency, also known 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 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 started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Since they’re an open marketplace, they use smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their browser to find NFTs you’d like to buy. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer examine each.
Music
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even old technology.
For NFTs, you can collect avatars, digital pets or other characters that can be traded or taken home. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT since before NFT became a reality. As of today, you can also create digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
Trading Cards
There is also the possibility of collecting 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 environments and components are now available for purchase. You can purchase these metaverses, or other items like game elements, the VR environment, characters, virtual objects or even virtual worlds. A popular illustration can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now 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 your products 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 make sure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
Fixed Price
The seller will be the one to pay the cost that is the NFT. As the name implies the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. 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 an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. Then you can sell them through 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 in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee competitive.
However, you must understand that some NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be created 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 it to be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers get as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit and debit card to make payments for or deposit. Nft Sign Up
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they 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 drawbacks that come with using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. Nft Sign Up
They also provide a variety of digital assets, which makes it one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Cons
While it is open source and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater 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 concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Sign Up
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it with your mobile phone, your browsers should 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 staff?
Yes they have a customer support team you can contact through their contact form. Visit their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, which means they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via its contact forms. Just go to the official site and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When 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 the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they change every now and then.
