OpenSea has become one of the most popular platforms for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can provide the leverage you need. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you’d rather take a look at videos instead, check out the channel’s review. They’ll guide users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer the written word, 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Zone
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and 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 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets on the platform are owned by the users, not by the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even older technology.
In the case of NFTs, you can collect avatars, digital pets, or any other characters that could be traded or taken home. The rarer they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT came to be. In the present, you can also do the same with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
Trading Cards
It is also possible to collect digital trading cards such as those from Sorare and BCCG.
Sports
Sports-related digital items can also be collected, for example, animated logos of teams.
Virtual Worlds
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual worlds. One popular illustration is Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. 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 need to do is to list your products on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose from five options for selling. The choices are:
Fixed Price
The seller is the one to charge the price for the NFT. As the name implies the price never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a price.
English Auction
The seller will put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. You can then sell them through the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers get 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay for or transfer funds. OpenSea Zone
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets 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 look at the advantages and drawbacks that come with using OpenSea.
Pros
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in coding or blockchain. OpenSea Zone
They also offer several types of digital currency, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Cons
Although it’s open source and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater 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 worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea Zone
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team can be reached via the contact page. Just go to the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should check out 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 to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, so they constantly 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 you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach through its contact forms. Go to their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.
