OpenSea is now one of the leading platforms for NFTs. It was the first to release such a platform over the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you prefer to watch a video instead, take a look at this channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s go over what it is before we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Weird Whales
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade 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 started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Because they’re an open marketplace, they have intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
If the transaction is complete the digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers you can use their search engine to find NFTs you’d like to buy. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s look at 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 the artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even old technology.
As for NFTs, you can collect avatars and digital pet, and other characters that can be traded or taken home. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT prior to when NFT was invented. Today you can make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
Sports
Sports-related digital items are also available, such as animated team logos.
Virtual Worlds
VR environments and components can now also be bought. You can buy these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. A well-known example is Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to 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 simple. All you have to do is to list them on the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers who are first-time sellers, 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 will be the one to pay the price that is the NFT. Like the name suggests the price never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller is required to put up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
Bundles
If you’re looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee 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 paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent fee affordable.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can anticipate 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 developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies 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. Also, you are not able to use PayPal, credit, or debit cards for payment or make a deposit. OpenSea Weird Whales
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains 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 take a look at the advantages and drawbacks of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. OpenSea Weird Whales
They also provide a variety of digital asset, making them one of the most popular NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Cons
Although it is decentralized and has one of the largest NFT collections, it has 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.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea Weird Whales
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via the contact page. Visit their official website and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through their contact form. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, which means they constantly change every now and then.
