OpenSea has become one of the top markets for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer to read, let’s go over what it is before we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Niagara Frontier Transportation Authority(Nft Metro) Chief Information Officer
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very 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. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by users, not by the platform. Since they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d like to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.
Music
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or old technology.
As for NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or taken home. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT prior to when NFT became a reality. As of today it is possible to make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
Sports
Sports-related digital items are also available, for example, animated team logos.
Virtual Worlds
VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters or even virtual lands. A well-known example could be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. 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 list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. These are:
Fixed Price
The seller is the one who will be charged the price that is the NFT. Like the name suggests it is not subject to change.
Dutch Auction
For an auction like the Dutch Auction, the seller sets a price that will fall over the course of. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and will list the minimum price. It’s opposite to 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 can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
Bundles
If you want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee affordable.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be issued as a valid, non-fungible token following the time 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 around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay for or deposit. Niagara Frontier Transportation Authority(Nft Metro) Chief Information Officer
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of 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 advantages and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in blockchain or coding. Niagara Frontier Transportation Authority(Nft Metro) Chief Information Officer
They also provide a variety of digital assets, making them one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
Cons
While it is open source and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Bottom Line
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative 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 broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without worrying about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores can 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 Niagara Frontier Transportation Authority(Nft Metro) Chief Information Officer
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via its contact forms. Visit 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 an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, therefore they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via their contact form. Just go to their website, and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, which means they change every now and then.
