OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can give you 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 the review of this channel. They’ll guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll look over what it is before we go over the costs 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 will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Website Tutor Ethics
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was created 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 which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to look for NFTs you’d like to buy. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even old technology.
For NFTs, it is possible to collect avatars and digital pet, and other characters that can be sold or taken home. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT, even before NFT became a reality. As of today you can create 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
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports
Sports-related digital items can also be collected, for example, animated team logos.
Virtual Worlds
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things such as game items and the VR environment characters, virtual objects and even virtual land. A well-known example can be Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by 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 have to do is post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from five options for selling. These are:
Fixed Price
The seller is the one to charge the price of the NFT. As the name implies the price never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller will 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 decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you must understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For example, game developers receive 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency 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. This means that you can’t make use of PayPal credit, debit, or debit cards for payment or transfer funds. Nft Website Tutor Ethics
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the 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 look at the advantages and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Nft Website Tutor Ethics
They also offer a range of digital assets, which makes their platform one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
Cons
Although it’s open source and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet 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 strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Website Tutor Ethics
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it 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 filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via its contact forms. Visit their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through their contact form. Just go to the official site and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they constantly change at regular intervals.
