OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at videos instead, take a look at this channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer the written word, look through what it is prior to we examine its costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Starter Nft System
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was created 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 one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is complete the digital assets will never be removed from your account. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to find NFTs you’d like to purchase. They also have filters available to simplify 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 available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, or older technology.
In the case of NFTs, you can collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT, even before NFT came to be. As of today it is possible to create digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
Trading Cards
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Sports
Sports-related digital items can also be collected, such as animated team logos.
Virtual Worlds
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters and even virtual land. A popular instance could be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post them on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select among five selling options. They are:
Fixed Price
The seller is the one to pay the cost that is the NFT. Like the name suggests the price never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
English Auction
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
Bundles
If you are looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will be based on the market conditions, however 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 developers are paid as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit and debit card to make payments or transfer funds. Starter Nft System
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets 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 secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Starter Nft System
They also offer a range of digital asset, making it one of the largest NFT marketplaces. The low platform costs are also a great method to earn more income.
Cons
Although it’s open source and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Starter Nft System
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 an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Go to their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, which means they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it on your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via the contact page. Visit their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, so they constantly change at regular intervals.
