OpenSea has become one of the leading marketplaces for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d prefer to watch 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 begin NFT trading.
If you prefer reading, we’ll go over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Tray How Many Lights Do You Need For A 8 Fokt Table
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, 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 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to the users, not by the platform. Because they’re an open marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer look at each.
Music
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can gather avatars and digital pet, or other characters that can be traded or collected. The rarer they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT prior to when NFT was invented. Today you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected like animated logos of teams.
Virtual Worlds
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual worlds. One popular illustration can be Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller will be the one who will be charged the cost that is the NFT. Like the name suggests the price never changes.
Dutch Auction
For the Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold on the marketplace.
Bundles
If you want to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent fee affordable.
But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game designers get up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit and debit card to make payments for or transfer funds. Nft Tray How Many Lights Do You Need For A 8 Fokt Table
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 look at the advantages and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no any experience or expertise in blockchain or coding. Nft Tray How Many Lights Do You Need For A 8 Fokt Table
They also provide a variety of digital assets, making it one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Cons
While it is open source and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Tray How Many Lights Do You Need For A 8 Fokt Table
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your phone on the go, your browsers should be compatible 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 staff?
Yes they do have a support team that you can contact through the contact page. Just go to their website, and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. 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 charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, therefore they change every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through its contact forms. Go to their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, so they constantly change from time to time.
