OpenSea has become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. 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 interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will give you 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 go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather watch a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll look through what it is prior to we look into its fees 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 of OpenSea.
What is OpenSea? OpenSea Support
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was established in the year the year 2018 with the help of 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, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can utilize their website 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 types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even old technology.
For NFTs, you can gather avatars, digital pets, or other characters that can be traded or taken home. The rarer they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT, even before NFT became a reality. In the present, you can also create digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards such as the ones from Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. You can buy these metaverses, or other items such as game items as well as the VR environment virtual objects, characters, and even virtual land. A popular illustration is Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and auction type then you’re all set.
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. The choices are:
Fixed Price
The seller is the one to charge the price that is the NFT. Just as the name suggests the price never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
English Auction
The seller is required to put up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the bid if the auction ends 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 want to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you 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 5% per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
However, you must know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will depend 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 certain NFTs earn additional commissions. For instance, game designers receive 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards for payment for or transfer funds. OpenSea Support
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they are able to 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 of using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. OpenSea Support
They also offer a range of digital asset, which makes it one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Cons
While it is decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea Support
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, your 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 has a support team?
Yes they do have a support staff that you can reach via its contact forms. Just go to their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, so they constantly change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via the contact page. Just go to their website, and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, therefore they fluctuate every now and then.
