OpenSea has become one of the leading markets for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with a good marketplace can provide the leverage you require. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d prefer to watch videos instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll look over the basics before we examine its costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Problems With Nft Nurtient
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful, your digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs became popular, some people were investing in collectibles such as baseball cards film props, and even old technology.
In the case of NFTs, you can collect avatars, digital pets, or any other characters that could be traded or collected. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT prior to when NFT came to be. Today, you can also make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs 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 as well as BCCG.
Sports
Digital items related to sports are also available, for example, animated team logos.
Virtual Worlds
VR space and other elements can be purchased. You can buy these metaverses or other things like game elements as well as the VR environment virtual objects, characters or even virtual lands. One popular example is Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. You can buy blockchain-based names 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 your products on OpenSea is easy. All you have to do is to list them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
You can currently select among five selling options. They are:
Fixed Price
The seller is the one who will be charged the cost for the NFT. Just as 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 in time. Sellers generally set high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
Bundles
If you want to sell several NFTs in 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 marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be minted as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers get as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards to pay for or deposit. Problems With Nft Nurtient
The NFTs can be purchased or sold when 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 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 prior experience or know-how in blockchain technology or programming. Problems With Nft Nurtient
They also offer several types of digital assets, which makes them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Cons
While it is decentralized and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for 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
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, 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 Problems With Nft Nurtient
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it through 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 have a support staff?
Yes they have a customer support team you can reach via the contact page. Just go to their website, and search on the page 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 it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also 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 funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, therefore they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via their contact form. Visit the official site and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they change from time to time.
