OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can give you the leverage you need. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They will guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer the written word, go through what it is prior to we examine its costs 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Trading Sites
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
If the transaction is complete the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d like to purchase. They also have filters available to simplify 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 available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs became popular, there were people were investing in collectibles such as baseball cards movie props, or even old technology.
In the case of NFTs, you can collect avatars, virtual pets, or other characters that can be sold or acquired. The more rare they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT, even before NFT was invented. As of today it is possible to create digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.
Sports
Sports-related digital items can also be collected for example, animated logos of teams.
Virtual Worlds
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual worlds. One popular illustration is Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased 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 options for selling?
Selling on OpenSea is easy. All you need to do is list them in the marketplace. You only have to make sure your account is linked. Once you’ve added the price and auction type then you’re all set.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
Fixed Price
The seller will be the one to pay the cost for the NFT. As the name implies the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very high prices. As time passes, the price decreases until it’s 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 once they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. They can be sold on the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you must understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be created as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers receive as much as 15% commissions for 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 own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, and debit card to make payments for or deposit. Nft Trading Sites
The NFTs can only be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list with 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 benefits and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in coding or blockchain. Nft Trading Sites
They also offer a range of digital currency, which makes it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Cons
Although it’s decentralized and has one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Trading Sites
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through the contact page. Just go to the official site and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, so they fluctuate at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach through their contact form. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell the items, post them 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 costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, which means they constantly change at regular intervals.
