OpenSea is now one of the leading platforms for NFTs. It was the first to launch a platform like this over the years. It’s 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 digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you prefer to watch videos instead, take a look at the review of this channel. They will guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer the written word, look over the basics before we look into its fees and what it has to 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Superbowl
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
That means unless the transaction is successful the digital assets will never leave your account. In addition, you don’t have to open an account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d like to purchase. There are filters that can aid in your search.
> > 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 purchase from OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even older technology.
For NFTs, you can collect avatars and digital pet, or any other characters that could be traded or collected. The rarer they are the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT since before NFT came to be. As of today it is possible to create digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected such as animated team logos.
Virtual Worlds
VR environments and components are now available for purchase. You can purchase these metaverses and other things such as game items and the VR environment characters, virtual objects and even virtual land. A popular example can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains 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 them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. These are:
Fixed Price
The seller is the one to charge the price for the NFT. As the name implies, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% cost affordable.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers get as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment or transfer funds. Nft Superbowl
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 drawbacks of using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Nft Superbowl
They also offer several types of digital assets, making it one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Cons
Although it’s decentralized and offers one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Superbowl
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via its contact forms. Just go to their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, which means they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team you can contact through their contact form. Visit their official 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 be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees 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. The price is determined through the marketplace, which means they fluctuate every now and then.
