OpenSea is now one of the top markets for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is a long read. If you prefer to watch videos instead, check out this channel’s review. They’ll guide users through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s go through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea What Are Levels
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets listed in the platform are owned by the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is complete, your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their browser to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, and even older technology.
As for NFTs, it is possible to collect avatars, virtual pets or other characters that can be traded or collected. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT prior to when NFT came to be. Today, you can also do the same with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards, such as those from Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters and even virtual land. A popular instance is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by 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 simple. All you have to do is list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
Fixed Price
The seller is the one who will be charged the cost that is the NFT. As the name implies the price never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fall over the course of. Sellers generally set expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they agree on a price.
English Auction
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
Bundles
If you’re looking to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent cost affordable.
However, you must know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will be created 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 anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers receive as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or deposit. OpenSea What Are Levels
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can 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 examine the benefits and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. OpenSea What Are Levels
They also offer a range of digital currency, which makes it one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Cons
Although it’s open source and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea What Are Levels
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via the contact page. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they fluctuate from time to time.
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 through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Visit their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, therefore they fluctuate from time to time.
