OpenSea has become one of the most popular platforms for NFTs. It was the first 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 an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you prefer to watch a video instead, check out the channel’s review. They will guide users through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s go over the basics before we examine its costs 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 the article for a more comprehensive review.
What is OpenSea? Nft Trade
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded 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 one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection 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.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by users, not the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is complete, your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to look for NFTs you’d like to buy. They also have filters available to 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 that you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music
Music may be one of the most well-known NFTs of all time. It’s not limited to music only. You can also buy 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, there were people were investing in collectibles such as baseball cards film props, or the older technologies.
For NFTs, you can collect avatars, virtual pets and other characters that can be sold or collected. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT since before NFT became a reality. As of today you can make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
Trading Cards
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
Sports
The digital objects associated with sports are also available, such as animated logos of teams.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. One popular instance is Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as 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 simple. All you need to do is post your products on the marketplace. You only have 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 subject to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller will be the one to charge the price that is the NFT. As the name implies, it never changes.
Dutch Auction
In the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present 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 will list a minimum price. This is different from auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
Bundles
If you want to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you have to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers receive as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or deposit. Nft Trade
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can 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 examine the advantages and drawbacks that come with using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Nft Trade
They also offer a range of digital currency, making it one of the biggest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
Cons
While it is decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Trade
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via the contact page. Visit their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, therefore they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through the contact page. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.
