OpenSea has become one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. 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 been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to watch a video instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you prefer the written word, 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Size Of An Nft Tube
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was created in 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, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind 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 marketplace are held by the users, not the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is completed, your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to find NFTs you’d like to buy. There are filters that can aid in 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 available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or older technology.
In the case of NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or taken home. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT prior to when NFT was invented. As of today, you can also do the same with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
Sports
Digital items related to sports are also available, such as animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters, and even virtual land. A well-known illustration can be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains 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 selling options?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price 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 single-use gas charge.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller is the one to pay the cost of the NFT. Just as the name suggests, it never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller determines a price that will fall over time. Sellers typically set up very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
English Auction
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers are paid 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments for or transfer funds. Size Of An Nft Tube
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that 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 take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Size Of An Nft Tube
They also offer several types of digital currency, making it one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Cons
While it is decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as 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 buy from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive 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 financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Size Of An Nft Tube
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via its contact forms. Just go to their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, which means they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it on your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through the contact page. Go to the official site and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, therefore they change every now and then.
