OpenSea has grown to become one of the top marketplaces for NFTs. It was the first to launch a platform like this over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing 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 leading NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll go over what it is before we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Invest
OpenSea offers a market 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 only limited to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your account. 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 utilize their website to look for NFTs you’d like to buy. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer examine each.
Music
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or old technology.
As for NFTs, you can gather avatars, digital pets, or other characters that can be sold or acquired. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT, even before NFT was invented. As of today, you can also create digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
Trading Cards
You can also collect digital trading cards such as those from Sorare and BCCG.
Sports
Sports-related digital items can also be collected 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, characters, virtual objects or even virtual worlds. A well-known example could be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. 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 being 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 simple. All you need to do is list them in the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. These are:
Fixed Price
The seller is the one who will be charged the cost of the NFT. As the name implies, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller decides on a price which will fall in time. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease with 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 will automatically accept the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. You can then sell them on the marketplace.
Bundles
If you want to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% fee reasonable.
But, it is important to understand that some NFTs have higher transaction fees 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%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments for or transfer funds. OpenSea Invest
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 look at the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. OpenSea Invest
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Cons
While it is decentralized and offers one of the most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can 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 Invest
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through its contact forms. Visit the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When 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 costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, which means they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users 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 an account with a wallet or extension. Also, it needs to be filled with money to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach through their contact form. Just go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction 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 recurring fees. The prices are driven by the market, therefore they fluctuate at regular intervals.
