OpenSea is now one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an established marketplace will 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 the right choice for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d rather take a look at videos instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go over what it is before we examine its costs and what it has to 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Animorphs
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Since they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is successful your digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or old technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or collected. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT, even before NFT became a reality. As of today it is possible to create digital art. It’s not just limited to digital illustrations or 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 or BCCG.
Sports
The digital objects associated with sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR environments and components are now available for purchase. You can purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters and even virtual land. A well-known illustration can be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. You can buy blockchain-based names 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 on OpenSea is easy. All you need to do is to list them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller is the one to pay the price of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they agree on a price.
English Auction
The seller is required to put up an NFT for sale and will list a minimum price. This is different from auctions like 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 is able to automatically approve the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
Bundles
If you want to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% cost competitive.
However, you must understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers are paid up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit and debit card to make payments for or deposit. OpenSea Animorphs
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they are able to 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 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 in NFTs even if you do not have any experience or expertise in blockchain technology or programming. OpenSea Animorphs
They also provide a variety of digital asset, making it one of the largest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Cons
Although it’s decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
All in all, 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 OpenSea Animorphs
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through its contact forms. Go to their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, so they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via its contact forms. Visit their official website and look at “Submit a request.”
Can you make 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 the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate every now and then.
