OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to release such a platform in the past. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can provide the leverage you require. This is the reason we created this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to take a look at videos instead, check out the review of this channel. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer to read, let’s go through what it is prior to we go over the 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? Sling And Nft
OpenSea is a marketplace for non-fungible tokens, also known 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, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or old technology.
In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be sold or acquired. The rarer they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT since before NFT became a reality. Today, you can also create digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected for example, animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. One popular instance is Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. Examples come 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 by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list them on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For 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 will be the one to pay the cost of the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers usually set very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller puts up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell several NFTs within one transaction, it is possible to 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 additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee affordable.
However, you must know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment for or make a deposit. Sling And Nft
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with 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 examine the advantages and disadvantages that come with 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 do not have prior experience or know-how in blockchain technology or programming. Sling And Nft
They also provide a variety of digital assets, which makes it one of the largest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Cons
Although it’s decentralized and offers one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Sling And Nft
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea have a support team?
Yes they do have a support team can be reached via the contact page. Visit the official site and look on the page for “Submit a request.”
Are you able to make money 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. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged 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, so they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via their contact form. Go to their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, so they change from time to time.
