OpenSea is now one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from a good marketplace can give you the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at a video instead, you can check out the review of this channel. They will guide the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like to read, let’s look over the basics before we examine its costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Square Rock Wool Being Put In A Nft Channel
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to buy. 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 from OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or the older technologies.
As for NFTs, you can collect avatars and digital pet or other characters that can be sold or collected. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT prior to when NFT was invented. Today, you can also do the same with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as those from Sorare as well as BCCG.
Sports
Sports-related digital items are also available, for example, animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters and even virtual land. A well-known instance could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs with specific 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 your products on OpenSea is simple. All you have to do is post them on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
Fixed Price
The seller will be the one to charge the cost for the NFT. Like the name suggests, it never changes.
Dutch Auction
In the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
English Auction
The seller puts up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
Bundles
If you want to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be created as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers receive up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit and debit card to make payments for or make a deposit. Square Rock Wool Being Put In A Nft Channel
The NFTs can only be purchased or sold if your cryptocurrency 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 look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in blockchain or coding. Square Rock Wool Being Put In A Nft Channel
They also offer a range of digital assets, making it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Cons
Although it’s decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Square Rock Wool Being Put In A Nft Channel
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through their contact form. Visit their website, and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt 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 fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through their contact form. Just go to their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, so they change from time to time.
