OpenSea has become one of the most popular markets for NFTs. It was the first to release such a platform 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 celebrities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d rather take a look at a video instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you like to read, let’s go over the basics before we go over the costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Opticon-Nft-2200-L-Rs232C-Fixed-Mount-Ccd-Scanner Made In Japan
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to buy. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beats, vocals or anything else 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, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars, digital pets, and other characters that can be sold or collected. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT since before NFT came to be. Today, you can also make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Sports
Sports-related digital items can also be collected, such as animated team logos.
Virtual Worlds
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters or even virtual lands. One popular illustration is Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. These are:
Fixed Price
The seller is the one who will be charged the price for the NFT. Like the name suggests it is not subject to change.
Dutch Auction
In an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers typically set up very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. 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 will list a minimum price. This is different from that of the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
Bundles
If you’re looking to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee competitive.
However, you must understand that some NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For instance, game designers receive 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or deposit. Opticon-Nft-2200-L-Rs232C-Fixed-Mount-Ccd-Scanner Made In Japan
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of 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 take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Opticon-Nft-2200-L-Rs232C-Fixed-Mount-Ccd-Scanner Made In Japan
They also offer several types of digital asset, which makes their platform one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
Cons
While it is open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. 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 for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Opticon-Nft-2200-L-Rs232C-Fixed-Mount-Ccd-Scanner Made In Japan
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Visit their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, so they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through their contact form. Go to their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they fluctuate at regular intervals.
