OpenSea has become one of the leading platforms for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is a long read. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you like to read, let’s go over the basics before we look into its fees and the benefits it offers.
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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Sell An Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs 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 got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that 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 can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a examine each.
Music
Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even the older technologies.
As for NFTs, you can collect avatars, digital pets or other characters that can be sold or taken home. The rarer they are the greater value they be. Some also have variants 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 art. This isn’t just limited to digital artworks and illustrations. 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 those of Sorare or BCCG.
Sports
Sports-related digital items are also available, for example, animated team logos.
Virtual Worlds
VR environments and components are now available for purchase. It is possible to purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A well-known instance could be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
For the 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 is the one to charge the cost of the NFT. Like the name suggests, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller determines a price that will fall in time. Sellers usually set very high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
Bundles
If you want to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee reasonable.
But, it is important to know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers receive up to 15% commissions for the items they’ve sold.
What are the methods of payment?
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. That also means you cannot make use of PayPal credit, debit, and debit card to make payments or deposit. Sell An Nft
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they are able to 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 when using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. Sell An Nft
They also provide a variety of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform costs are also a great method to earn more income.
Cons
Although it is decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Sell An Nft
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via their contact form. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create 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, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through its contact forms. Go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by 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 through the marketplace, therefore they fluctuate from time to time.
