OpenSea is now one of the most popular platforms for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is lengthy. If you prefer to take a look at videos instead, you can check out the review of this channel. They will guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll look over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Top Nfts
OpenSea offers a market 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 available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
How does 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 the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is completed your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to find NFTs you’d like to buy. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, movie props, or even old technology.
As for NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT, even before NFT came to be. In the present you can do the same with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.
Sports
The digital objects associated with sports are also available, such as animated logos of teams.
Virtual Worlds
VR spaces and elements are now available for purchase. You can buy these metaverses and other things like game objects, the VR environment, characters, virtual objects or even virtual lands. One popular instance could be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be 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 your products on OpenSea is easy. All you need to do is list them on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
Fixed Price
The seller will be the one to pay the price of the NFT. As the name implies the price never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers usually set very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells 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. They can be sold through the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee reasonable.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percentage.
In addition, trading on Etheruem could be expensive. 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 be based on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers are paid 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or deposit. OpenSea Top Nfts
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that 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 drawbacks when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. OpenSea Top Nfts
They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
Cons
While it is decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as five 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 Top Nfts
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, the browsers should 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 do have a support team you can reach via the contact page. Visit their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, so they change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Go to their website, and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need 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. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.
