OpenSea has grown to become one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like to read, let’s look through what it is prior to we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Without Me
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your account. Moreover, you aren’t 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 prefer 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 through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.
Music
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
For NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or taken home. The rarer they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT prior to when NFT became a reality. In the present it is possible to create digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.
Trading Cards
You can also collect digital trading cards such as those from Sorare or BCCG.
Sports
Digital items related to sports can also be collected, like animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, or even virtual worlds. A popular instance is Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post them on the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid 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 fee for gas.
At present, you can select from 5 selling options. They are:
Fixed Price
The seller will be the one to charge the price for the NFT. As the name implies it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
Bundles
If you’re looking to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the artworks 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 you a 5percent commission per sale, which makes OpenSea’s 2.5% fee affordable.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers are paid 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where 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 for or deposit. Nft Without Me
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 take a look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about coding or blockchain. Nft Without Me
They also offer a range of digital assets, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Cons
Although it is open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides 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 the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Without Me
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via their contact form. Go to their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, which means they fluctuate every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach through their contact form. Visit their website, and look for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, so they change from time to time.
