OpenSea Commission

opensea-review

OpenSea has become one of the leading markets for NFTs. It’s also the first to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.

It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.

If you’re planning to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?

Before you start, we’d like to warn you. This review is lengthy. If you’d rather take a look at a video instead, check out the channel’s review. They’ll guide users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.

For those who prefer to read, let’s look over what it is before we look into its fees and what it has to offer.

opensea-logo

Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? OpenSea Commission

OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.

The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.

It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.

Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.

How does OpenSea function?

If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.

For OpenSea The majority of the assets listed in the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.

This means that unless the transaction is complete your 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 utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.

OpenSea Commission

> > Click Here to Explore OpenSea’s Marketplace < <

What types of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.

Music

Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else 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 became popular, there were people invested in collectibles such as baseball cards, film props, and even old technology.

In the case of NFTs, you can collect avatars, virtual pets, or any other characters that could be traded or acquired. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT since before NFT was invented. In the present, you can also make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.

Trading Cards

You can also collect digital trading cards, such as those from Sorare and BCCG.

Sports

Digital items related to sports can also be collected like animated team logos.

Virtual Worlds

VR space and other elements can be purchased. You can purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. A 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 classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.

bitcoin-coin

> > Click Here to Explore OpenSea’s Marketplace < <

What are the selling options?

Selling on OpenSea is simple. All you have to do is list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.

For first-time sellers you will be subject to a one-time fee for gas.

You can currently select from 5 selling options. These are:

Fixed Price

The seller is the one to charge the cost of the NFT. As the name implies it is not subject to change.

Dutch Auction

For an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold once they agree on a price.

English Auction

The seller will put up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.

OpenSea can automatically take over the bid if the auction ends above 1 Etherium.

NFT Creation

You can also create your own NFTs via the platform. Then you can sell them through the marketplace.

Bundles

If you’re looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.

crypto-trading

> > Click Here to Explore OpenSea’s Marketplace < <

Are there any fees?

It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings sold.

With OpenSea you only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee reasonable.

However, you must understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.

Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token after your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate it to be around $100 per NFT.

You also need to know that some NFTs charge additional commissions. For instance, game developers receive 15 percent or more as commissions on the products they’ve sold.

What are the payment methods?

OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards to pay for or deposit. OpenSea Commission

The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they support.

Blockchains Supported by OpenSea

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 can be decentralized which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. OpenSea Commission

They also offer several types of digital assets, which makes their platform one of the largest NFT marketplaces. Low platform charges are also a good way for you to earn more income.

Cons

Although it’s decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.

It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides 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 decentralized finance.

The OpenSea ecosystem allows customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.

Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.

crypto-coins

> > Click Here to Explore OpenSea’s Marketplace < <

FAQ OpenSea Commission

What are the requirements I must meet before I can utilize OpenSea?

OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to begin.

Does OpenSea have a support staff?

Yes they have a customer support team that can be reached via its contact forms. Just go to their official website and look at “Submit a request.”

Do you have the ability to 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. If you’re ready for selling the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.

What are the gas prices?

The gas fees refer to transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, so they fluctuate every now and then.

What do I need so I can use OpenSea?

OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to begin.

Does OpenSea have a support team?

Yes they do have a support team you can reach through their contact form. Just go to the official site and search 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 add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free but you could also look over their instructional videos.

What are the costs for gas?

The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they constantly change from time to time.

bitcoin-coins

> > Click Here to Explore OpenSea’s Marketplace < <

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