OpenSea has grown to become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d prefer to watch a video instead, take a look at the channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s go over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Scammed By Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs 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 the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed the digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d like 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 to purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music
Music could be among 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 anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, or older technology.
As for NFTs, you can collect avatars and digital pet, or any other characters that could be traded or taken home. The rarer they are the more value they have. 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 it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
Trading Cards
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected, for example, animated logos of teams.
Virtual Worlds
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. A well-known illustration could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. 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 post them in the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
Fixed Price
The seller is the one to charge the cost of the NFT. As the name implies, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
English Auction
The seller will put up an NFT for sale and will list the minimum price. This is different from auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold through the marketplace.
Bundles
If you are looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost competitive.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token once your NFT bid is 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.
Also, you should know that some NFTs charge additional commissions. For instance, game designers receive 15 percent or more commissions on the products 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, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay or deposit. Scammed By Nft
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of 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 look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. Scammed By Nft
They also offer a range of digital assets, which makes it one of the biggest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Cons
Although it is decentralized and offers one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Scammed By Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach via their contact form. Visit their website, and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, so they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via their contact form. Just go to their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means they change at regular intervals.
