OpenSea is now one of the top platforms for NFTs. It was the first to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you prefer to watch a video instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like reading, we’ll go through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea On Matic
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is successful the digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can use their browser to find NFTs you’d like to purchase. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, you can gather avatars, digital pets or any other characters that could be traded or collected. The rarer they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. In the present you can do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR environments and components can be purchased. You can purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects and even virtual land. A popular illustration is Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
The seller will be the one to charge the cost that is the NFT. Just as the name suggests it is not subject to change.
For the Dutch Auction, the seller decides on a price which will decrease over time. Sellers usually set very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller will put up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost reasonable.
However, you must be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however 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 have additional commissions. For instance, game designers are paid up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments for or make a deposit. OpenSea On Matic
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. OpenSea On Matic
They also offer a range of digital asset, which makes their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
While it is decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea On Matic
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team you can contact through its contact forms. Go to their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they fluctuate every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through the contact page. Visit the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, which means they fluctuate every now and then.