OpenSea has become one of the leading markets for NFTs. It was the first to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d rather watch a video instead, take a look at this channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer the written word, look over what it is before we examine its costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Tokens List
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is completed the digital assets will never leave your account. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, and even old technology.
As for NFTs, it is possible to collect avatars, virtual pets, and other characters that can be traded or taken home. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT, even before NFT was invented. Today you can do the same with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even short video clips.
Trading Cards
It is also possible to collect digital trading cards, such as those from Sorare as well as BCCG.
Sports
Sports-related digital items 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 items such as game items as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known illustration could be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains 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 options for selling?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. The choices are:
Fixed Price
The seller is the one to pay the price that is the NFT. As the name implies, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
English Auction
The seller will put up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid 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 through the marketplace.
Bundles
If you’re 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 fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary according to the platform, it’s generally 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 artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% cost competitive.
However, you must be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers get up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment or deposit. Nft Tokens List
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets 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 of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. Nft Tokens List
They also provide a variety of digital assets, which makes it one of the biggest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Cons
Although it is decentralized and offers one of the most diverse NFT selections, it has its 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 set up your own crypto wallet to either sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
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 Tokens List
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Visit their website, and search 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 then add the item to your collection. When you’re ready to sell 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 gas fees?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach through its contact forms. Go to their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, therefore they change every now and then.
