OpenSea is now one of the top platforms for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you prefer to take a look at videos instead, you can check out the review of this channel. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer reading, we’ll go over the basics before we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft With The Best Jerseys
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or old technology.
For NFTs, you can gather avatars and digital pet and other characters that can be sold or taken home. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT prior to when NFT came to be. Today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
Trading Cards
You can also collect digital trading cards, such as those of Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR spaces and elements can now also be bought. You can buy these metaverses, or other items such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A well-known illustration can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that have 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 shut down by 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 post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select among five selling options. These are:
Fixed Price
The seller is the one to charge the cost of the NFT. Just as the name suggests the price never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
English Auction
The seller is required to put up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
Bundles
If you want to sell multiple NFTs under one transaction, you could 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 is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost 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 will only be charged 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee competitive.
However, you must understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will only be issued as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or make a deposit. Nft With The Best Jerseys
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they 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 advantages and drawbacks of using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Nft With The Best Jerseys
They also offer several types of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Cons
Although it is open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft With The Best Jerseys
What are the requirements I must meet before 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, the browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through their contact form. Just go to the official site and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to 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 periodic fees. Prices are determined by the market, so they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can reach through its contact forms. Just go to their official website and look on the page 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 then add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, therefore they constantly change at regular intervals.
