OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can give you the leverage you require. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at videos instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer the written word, look through what it is prior to we look into its fees 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Starter Token
OpenSea provides a platform for non-fungible currency, also known 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 began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets on the platform are owned by the users, not by the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is completed, your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.
Music
Music may be one of the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even the older technologies.
As for NFTs, you can gather avatars and digital pet, or other characters that can be traded or acquired. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT became a reality. As of today you can make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
Trading Cards
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected, for example, animated logos of teams.
Virtual Worlds
VR environments and components are now available for purchase. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters, and even virtual land. A popular illustration can be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. 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 need to do is post your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. They are:
Fixed Price
The seller is the one to pay the price of the NFT. Just as the name suggests the price never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you’re looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you must understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be issued as a valid, non-fungible token following the time 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 in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers get as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay or deposit. Nft Starter Token
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of 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 take a look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Starter Token
They also offer several types of digital asset, making them one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Cons
Although it is decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Starter Token
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support team can be reached via the contact page. Go to their official website and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via its contact forms. Visit their official website and search on the page 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 add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, therefore they change every now and then.
