OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an established marketplace will help you get the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to watch videos instead, check out the review of this channel. They’ll walk users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go through what it is prior to we go over the costs 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft3
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year 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 first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not the platform. Since they are an open marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to buy. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a examine each.
Music
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, and even older technology.
As for NFTs, it is possible to collect avatars, virtual pets, and other characters that can be traded or acquired. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT, even before NFT came to be. In the present you can create digital art. It’s not limited to illustrations and digital 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 like those of Sorare and BCCG.
Sports
The digital objects associated with sports are also available, like animated logos of teams.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects and even virtual land. A popular illustration is Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from 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 simple. All you need to do is post them in the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller will be the one to pay the price of the NFT. Like the name suggests, it never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you can 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 fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular 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. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent cost affordable.
However, you must understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers get 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or make a deposit. Nft3
The NFTs can be purchased or sold when your cryptocurrency is accepted 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 look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft3
They also offer a range of digital assets, making their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.
Cons
Although it’s decentralized and offers one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative 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 variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft3
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through the contact page. Just go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. When 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 costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, therefore they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to get started.
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 at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they fluctuate from time to time.
