OpenSea is now one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an established marketplace will give you the leverage you require. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d rather take a look at a video instead, take a look at the channel’s review. They will guide you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you like the written word, go over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Post Nft Art
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got 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 biggest NFT marketplaces. They have an extensive 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 function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not by the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
If the transaction is completed the digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their browser to search for NFTs that you’d like to buy. 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 available to buy from OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs became popular, some people invested in collectibles such as baseball cards film props, or old technology.
In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be traded or taken home. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT, even before NFT came to be. As of today it is possible to make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.
Trading Cards
You can also collect digital trading cards, such as the ones from Sorare as well as BCCG.
Sports
The digital objects associated with sports are also available, for example, animated logos of teams.
Virtual Worlds
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters and even virtual land. A popular illustration is Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased 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 selling options?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. They are:
Fixed Price
The seller will be the one to pay the price for the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
English Auction
The seller is required to put up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
> > 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. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost competitive.
But, it is important to know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect 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 designers receive up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or deposit. Post Nft Art
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains 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 advantages and drawbacks of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Post Nft Art
They also offer a range of digital asset, which makes them one of the largest 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 collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
In the end, 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 Post Nft Art
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via their contact form. Just go to the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can 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 the items, post them for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via the contact page. Visit their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they fluctuate at regular intervals.
