OpenSea is now one of the most popular platforms for NFTs. It was the first to launch a platform like this over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite a long read. If you’d rather watch videos instead, check out the channel’s review. They will guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer the written word, go over what it is before we go over the costs and what it has to offer.
Before you continue, 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? Prices Of Nft
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets on the marketplace are held by the users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is complete your digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their browser to look for NFTs you’d like to buy. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a examine each.
Music
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, you can gather avatars, digital pets or other characters that can be traded or collected. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT since before NFT came to be. As of today you can create digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.
Sports
Digital items related to sports are also available, such as animated logos of teams.
Virtual Worlds
VR spaces and elements can be purchased. 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 could be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is list them in the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
Fixed Price
The seller is the one to charge the price of the NFT. Just as the name suggests, it never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers generally set high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller puts up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you have to understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers get as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments for or make a deposit. Prices Of Nft
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they 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 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 blockchain technology or programming. Prices Of Nft
They also offer several types of digital currency, making their platform one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Cons
Although it’s decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to create your 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 why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Prices Of Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea has a support team?
Yes, they have a support team you can contact through its contact forms. Visit their website, and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When 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 gas prices?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, which means they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, your 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 get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via their contact form. Just go to the official site and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have 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 auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, which means they constantly change every now and then.
