OpenSea is now one of the leading markets for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an established marketplace will provide the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you like the written word, look through what it is prior to we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Travel
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Since they’re an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can gather avatars, digital pets or other characters that can be traded or taken home. The rarer they are the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT prior to when NFT came to be. In the present you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards, such as the ones from Sorare or BCCG.
Sports
Sports-related digital items can also be collected, like animated team logos.
Virtual Worlds
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game elements as well as the VR environment virtual objects, characters, and even virtual land. A popular instance can be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. You can buy blockchain-based names 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 your products on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. The choices are:
Fixed Price
The seller will be the one to charge the price of the NFT. Just as the name suggests, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very expensive prices. With time, the value will decrease until it is 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 agree on a price.
English Auction
The seller is required to put up an NFT for sale and lists the minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.
Bundles
If you want to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% fee competitive.
However, you have to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers get up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, or debit cards for payment or deposit. Nft Travel
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported 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 is decentralized, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Nft Travel
They also provide a variety of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Cons
Although it is decentralized and has one of the largest NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Travel
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it with your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support staff that can be reached 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 make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, so they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via the contact page. Just go to the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
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 recurring fees. The price is determined through the marketplace, therefore they fluctuate every now and then.
