OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s look through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Top
OpenSea is a marketplace for non-fungible tokens, 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, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not by the platform. Because they’re an open marketplace, they use smart contracts that allow users can communicate with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d like to buy. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s review of each.
Music
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or older technology.
In the case of NFTs, you can gather avatars and digital pet, or any other characters that could be sold or acquired. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT, even before NFT was invented. In the present you can do the same with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
Trading Cards
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Sports
Sports-related digital items can also be collected, such as animated logos of teams.
Virtual Worlds
VR spaces and elements can now also be bought. You can purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects and even virtual land. One popular instance could be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. 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 have to do is post them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
Fixed Price
The seller is the one to charge the price that is the NFT. As the name implies it is not subject to change.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller is required to put up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost reasonable.
However, you must know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers are paid 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. Nft Top
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 is decentralized, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Nft Top
They also provide a variety of digital asset, which makes their platform one of the most popular NFT marketplaces. Low platform costs are also a great method to make more money.
Cons
Although it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Top
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via its contact forms. Visit their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through its contact forms. Visit the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, which means they change from time to time.
