OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is lengthy. If you’d prefer to watch a video instead, take a look at this channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer the written word, look over the basics before we examine its costs and what it has to 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Reddit Nft Streams Saints
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 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 among the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is completed your digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to find NFTs you’d prefer to purchase. 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 that you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s look at each.
Music
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs became popular, some people were investing in collectibles such as baseball cards, movie props, or even old technology.
For NFTs, you can collect avatars, virtual pets, or other characters that can be sold or acquired. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT since before NFT was invented. Today it is possible to create digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards, such as those of Sorare as well as BCCG.
Sports
Digital items related to sports are also available, like animated logos of teams.
Virtual Worlds
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters or even virtual lands. A well-known example could be Axie Infinity.
Utility
As absurd as it may sound 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. Names that are based on blockchain can be purchased 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 on OpenSea is simple. All you have to do is post them on the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops with time. When it comes to 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 mint your own NFTs through the platform. They can be sold on the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent fee competitive.
However, you have to 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 commission in addition to or of the required 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid, non-fungible token following the time your NFT bid has been 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 additional commissions. For instance, game designers are paid 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary 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 or debit cards for payment for or deposit. Reddit Nft Streams Saints
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. Reddit Nft Streams Saints
They also provide a variety of digital assets, making them one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Cons
Although it is open source and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes 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 customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Reddit Nft Streams Saints
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through its contact forms. Visit their official website and look at “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 add the item to your collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic 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 offers a mobile and desktop browser 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. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via the contact page. Visit their official website and search at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs 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 recurring fees. Prices are determined by the market, therefore they change every now and then.
