OpenSea has become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind throughout 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 curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an established marketplace will help you get 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 begin this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch videos instead, check out the review of this channel. They will guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer to read, let’s go over what it is before we go over the 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Vs Cryptocurrency
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was established in the year the year 2018 with the help of 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 first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets on the marketplace are held by users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
If the transaction is completed the digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, and even old technology.
In the case of NFTs, you can gather avatars and digital pet, or other characters that can be traded or collected. The more rare 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 also do the same with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected, for example, animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects and even virtual land. A popular illustration can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains 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 simple. All you need to do is to list your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. They are:
Fixed Price
The seller is the one who will be charged the cost for the NFT. Just as the name suggests, it never changes.
Dutch Auction
For the Dutch Auction, the seller determines a price that will fall over time. Sellers generally set expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.
English Auction
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, or debit cards to pay for or make a deposit. Nft Vs Cryptocurrency
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of blockchains and wallets 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 look at the benefits and disadvantages 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 you do not have any experience or expertise in blockchain or coding. Nft Vs Cryptocurrency
They also offer several types of digital currency, making their platform one of the most popular NFT marketplaces. The low platform charges are also a good way for you to make more money.
Cons
While it is decentralized and offers one of the most diverse NFT selections, it has 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.
You will also need to set up your own crypto wallet to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Vs Cryptocurrency
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via its contact forms. Visit their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, so they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it through your mobile phone, your browsers should 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 get started.
Does OpenSea has a support team?
Yes they do have a support team that you can reach through the contact page. Just go to their official website and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post 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. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, which means they change every now and then.
