OpenSea has become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, take a look at this channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s go through what it is prior to we look into its fees and what it can offer.
Before you continue, 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 the article for a more comprehensive review.
What is OpenSea? Nft Vs Blue Tooth
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them 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 started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to the users, not the platform. Because they’re an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is completed the digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to buy. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, and even older technology.
As for NFTs, it is possible to collect avatars and digital pet, or other characters that can be sold or taken home. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT since before NFT was invented. Today you can make the same thing with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards such as the ones from Sorare or BCCG.
Sports
The digital objects associated with sports are also available, like animated logos of teams.
Virtual Worlds
VR environments and components are now available for purchase. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. A well-known example could be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs with specific capabilities. Examples come from 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 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 have to do is list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and auction type, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select from five options for selling. They are:
Fixed Price
The seller is the one to charge the cost that is the NFT. As the name implies the price never changes.
Dutch Auction
In the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may 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 to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
Bundles
If you want to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee competitive.
However, you have to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive as much as 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or transfer funds. Nft Vs Blue Tooth
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains 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 take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft Vs Blue Tooth
They also offer several types of digital assets, which makes their platform one of the biggest NFT marketplaces. Low platform costs are also a great way for you to make more money.
Cons
Although it is decentralized and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Vs Blue Tooth
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via its contact forms. Just go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should go through 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 to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, so they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via their contact form. Just go to their official website and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, therefore they constantly change from time to time.
