OpenSea has become one of the top platforms for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. 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 require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d rather watch a video instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer the written word, look through what it is prior to we go over the 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Activity
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets listed in the platform are owned by users, not the platform. Because they’re a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is complete, your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can utilize their website 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 kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or older technology.
In the case of NFTs, it is possible to collect avatars, digital pets and other characters that can be sold or collected. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT became a reality. In the present it is possible to do the same with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected, like animated team logos.
Virtual Worlds
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, or even virtual worlds. One popular example could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is simple. All you need to do is post your products on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select among five selling options. They are:
Fixed Price
The seller is the one to charge the cost that is the NFT. As the name implies it is not subject to change.
Dutch Auction
In the Dutch Auction, the seller determines a price that will fall over time. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold once they agree on a price.
English Auction
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to the Dutch Auction, where the price drops over time. 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 using the platform. They can be sold on the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers are paid up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or transfer funds. OpenSea Activity
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they 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 when using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. OpenSea Activity
They also offer a range of digital currency, which makes it one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Cons
Although it is decentralized and offers one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea Activity
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via their contact form. Just go to their official website and search for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, which means they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach through the contact page. Go to the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, which means they fluctuate every now and then.
