OpenSea has grown to become one of the top markets for NFTs. It’s also the first to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to watch videos instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like reading, we’ll go over the basics before we examine its 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. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Wiki
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very 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 are constantly growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Because they’re an open marketplace, they use smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which 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 restricted to music only. You can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or old technology.
For NFTs, you can gather avatars, virtual pets, and other characters that can be traded or taken home. The rarer they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT prior to when NFT became a reality. Today, you can also make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.
Trading Cards
It is also possible to collect digital trading cards such as those from Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected like animated logos of teams.
Virtual Worlds
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known illustration could be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified 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 on OpenSea is easy. All you have to do is to list your products on the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from five options for selling. The choices are:
Fixed Price
The seller is the one who will be charged the cost for the NFT. Like the name suggests, it never changes.
Dutch Auction
In the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very high 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 when they agree on a price.
English Auction
The seller puts up an NFT for sale and will list a minimum price. This is different from auctions like the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
Bundles
If you’re looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by 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 marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% cost reasonable.
But, it is important to understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers receive 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit or debit cards for payment or make a deposit. Nft Wiki
The NFTs are only able to be bought 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 examine the benefits and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions safe and nearly 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 Wiki
They also provide a variety of digital currency, which makes it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Cons
Although it’s decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
In the end, 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 Wiki
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Just go to the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make 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 check out their tutorials.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, which means they constantly change at regular intervals.
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 utilize. In the event that you’re using it through 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 filled with money to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. Go to their 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 need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, which means they constantly change every now and then.
