OpenSea has grown to become one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will give you the leverage you require. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you’d prefer to watch videos instead, check out the channel’s review. They’ll walk users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
For those who prefer reading, we’ll go over the basics before we examine its costs and what it has to offer.
Before you go on, 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 Trayes
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the biggest 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 list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they use 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 completed the digital assets will never leave your wallet. In addition, you don’t have to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer examine each.
Music
Music may be one of the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can gather avatars, virtual pets or any other characters that could be traded or collected. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT, even before NFT was invented. 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, photos, or short video clips.
Trading Cards
You can also collect digital trading cards like those from Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected such as animated logos of teams.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses, or other items like game objects and the VR environment characters, virtual objects and even virtual land. A popular illustration could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. 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 to list them on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
You can currently select among five selling options. They are:
Fixed Price
The seller is the one to charge the cost that is the NFT. As the name implies it is not subject to change.
Dutch Auction
For an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers generally set high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
English Auction
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have to understand that some NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional 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. That also means you cannot use PayPal credit, debit, or debit cards for payment or make a deposit. Nft Trayes
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 benefits and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. Nft Trayes
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Cons
While it is decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Trayes
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via its contact forms. Visit their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell the items, post them 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 fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, therefore they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through the contact page. Go to their website, and look 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 add it to the collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they constantly change at regular intervals.
