OpenSea has become one of the most popular markets for NFTs. It was the first to release such a platform in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from a good marketplace can give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you prefer to watch videos instead, check out the review of this channel. They’ll guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer to read, let’s go through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea First Listing Fee
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is successful your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to look for NFTs you’d like to buy. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars and digital pet and other characters that can be traded or collected. The rarer they are the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT, even before NFT came to be. As of today, you can also do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
You can also collect digital trading cards such as those from Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected, like animated team logos.
Virtual Worlds
VR space and other elements can be purchased. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. One popular instance could be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from 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 have to do is post them on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
You can currently select among five selling options. They are:
Fixed Price
The seller will be the one to pay the price that is the NFT. Just as the name suggests the price never changes.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will decrease in time. Sellers generally set high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. They can be sold on the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of 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. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent fee competitive.
However, you must understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will be based on the market, but you can expect it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or make a deposit. OpenSea First Listing Fee
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the 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 examine the advantages and drawbacks when using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. OpenSea First Listing Fee
They also provide a variety of digital assets, making them one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Cons
Although it’s decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea First Listing Fee
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through the contact page. Visit their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, therefore they fluctuate at regular intervals.
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 with your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through its contact forms. Visit their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they change at regular intervals.
