OpenSea is now one of the top platforms for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will provide the leverage you need. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather take a look at a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like reading, we’ll go over what it is before we go over the costs and what it can offer.
Before you continue, you may want to watch 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 of OpenSea.
What is OpenSea? Nft Where To Start
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or older technology.
For NFTs, it is possible to collect avatars, virtual pets or any other characters that could be sold or collected. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT since before NFT came to be. Today you can create digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports
Digital items related to sports can also be collected like animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual lands. A popular example is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut 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 need to do is post them in the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller is the one who will be charged the price for the NFT. As the name implies it is not subject to change.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold on the marketplace.
Bundles
If you want to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost reasonable.
However, you must understand that some NFTs have higher transaction charges compared to others. 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.
Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, or debit cards to pay for or make a deposit. Nft Where To Start
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 disadvantages of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Where To Start
They also offer several types of digital asset, making it one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Cons
Although it’s decentralized and offers one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as 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 decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Where To Start
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Just go to their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet 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 contact through its contact forms. Visit the official site and search at “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 the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, therefore they change every now and then.
