OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin 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, check out the channel’s review. They’ll guide the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer to read, let’s look over what it is before we examine its costs and what it has to offer.
Before you go on, you may want to watch 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 of OpenSea.
What is OpenSea? Nft Xcopy
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their search engine to find NFTs you’d like to buy. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a examine each.
Music
Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.
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 have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT, even before NFT became a reality. As of today, you can also do the same with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards like the ones from Sorare or 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 be purchased. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters, and even virtual land. A well-known example is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post your products on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from five options for selling. They are:
Fixed Price
The seller is the one who will be charged the cost for the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller is required to put up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% cost reasonable.
However, you must know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be created as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers receive as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment for or make a deposit. Nft Xcopy
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 of the 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 benefits and disadvantages of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft Xcopy
They also provide a variety of digital assets, which makes them one of the most popular NFT marketplaces. The low platform costs are also a great method to make more money.
Cons
Although it’s open source and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Xcopy
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach via its contact forms. Visit their official website and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they change every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach via their contact form. Just go to their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make 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 to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, so they change at regular intervals.
