OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to take a look at a video instead, check out this channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll look over what it is before we examine its costs and the benefits it offers.
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 our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea On My Website
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on this platform belong to users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
If the transaction is successful the digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even the older technologies.
As for NFTs, you can gather avatars and digital pet, or any other characters that could be traded 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 among the most sought-after NFT since before NFT was invented. In the present, you can also make the same thing with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
Trading Cards
It is also possible to collect digital trading cards such as those from Sorare as well as BCCG.
Sports
The digital objects associated with sports are also available, like animated logos of teams.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses or other things like game objects and the VR environment virtual objects, characters, or even virtual lands. One popular instance is Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. 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 list them in 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, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
Fixed Price
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in time. Sellers usually set very expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and will list a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
Bundles
If you are looking to sell several NFTs within one transaction, you could 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 charges?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers get up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, or debit cards for payment or transfer funds. OpenSea On My Website
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets 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 look at the advantages and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. OpenSea On My Website
They also provide a variety of digital assets, making it one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Cons
Although it is open source and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea On My Website
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team you can contact through their contact form. Visit their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they fluctuate every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it with your mobile phone, the browsers should be compatible 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 team?
Yes, they have a support staff that you can reach via its contact forms. Go to their official website and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, which means they fluctuate every now and then.
