OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an established marketplace will help you get the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll look over what it is before we go over the costs and what it can 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? Own The Moment Nft
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they usually belong. Let’s take a closer examine each.
Music
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or other characters that can be sold or acquired. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT since before NFT became a reality. Today you can do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected, for example, animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters, and even virtual land. One popular example can be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples come 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 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 them in 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 then you’re all set.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select from five options for selling. These are:
Fixed Price
The seller will be the one who will be charged the price that is the NFT. As the name implies the price never changes.
Dutch Auction
In the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers generally set 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 present an offer. The NFT can be sold once they agree on a price.
English Auction
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you’re looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost affordable.
However, you must know that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will be created as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is 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 make a deposit. Own The Moment Nft
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the 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 examine the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. Own The Moment Nft
They also offer a range of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Cons
While it is decentralized and offers one of the most diverse NFT collections, it still has 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.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Own The Moment Nft
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via its contact forms. Just go to their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, therefore they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach through their contact form. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to 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 periodic fees. The price is determined through the marketplace, therefore they change at regular intervals.
