OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch videos instead, take a look at the channel’s review. They will guide you through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea 8Nv
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by 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, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete the digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to buy. There are filters that can simplify 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 that you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music
Music may be one of the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, and even older technology.
For NFTs, you can gather avatars, digital pets and other characters that can be sold or collected. 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 well-known NFT, even before NFT came to be. As of today, you can also create digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.
Sports
Sports-related digital items are also available, like animated team logos.
Virtual Worlds
VR environments and components are now available for purchase. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. A well-known instance can be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains 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 have to do is to list them in the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose among five selling options. They are:
Fixed Price
The seller will be the one who will be charged the cost for the NFT. Like the name suggests it is not subject to change.
Dutch Auction
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and lists a minimum price. It’s opposite to the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold on the marketplace.
Bundles
If you are looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% fee reasonable.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay or deposit. OpenSea 8Nv
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains 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 advantages and drawbacks of using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. OpenSea 8Nv
They also offer a range of digital asset, making them one of the most popular NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Cons
While it is decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea 8Nv
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via the contact page. Just go to their official website and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to 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, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, therefore they change at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through their contact form. Visit the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. When 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?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt 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 constantly change at regular intervals.
