OpenSea is now one of the top marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather take a look at a video instead, take a look at the review of this channel. They will guide users through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll go through what it is prior to we go over the costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Shopsmith 5/8 To 3/4 Nft
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to users, not the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is successful the digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d like to purchase. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music
Music could be among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or older technology.
In the case of NFTs, you can collect avatars and digital pet or any other characters that could be traded or taken home. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT, even before NFT came to be. In the present it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports
Sports-related digital items can also be collected, for example, animated team logos.
Virtual Worlds
VR environments and components can be purchased. You can buy these metaverses, or other items like game elements as well as the VR environment virtual objects, characters or even virtual lands. A well-known illustration could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut 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 need to do is post them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from five options for selling. These are:
Fixed Price
The seller will be the one who will be charged the price for the NFT. Just as the name suggests the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
Bundles
If you want to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers get up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment for or make a deposit. Shopsmith 5/8 To 3/4 Nft
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains 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 look at the benefits and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Shopsmith 5/8 To 3/4 Nft
They also provide a variety of digital assets, which makes it one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Cons
While it is decentralized and offers one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is acceptable, given that some online stores could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Shopsmith 5/8 To 3/4 Nft
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via its contact forms. Go to their website, and search for “Submit a request.”
Do you have the ability to mint 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. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
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 is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers should be compatible 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 do have a support team that you can reach through their contact form. Visit their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, which means they fluctuate every now and then.
