OpenSea has grown to become one of the most popular markets for NFTs. It was the first to launch a platform like this throughout 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 interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is a long read. If you prefer to watch videos instead, take a look at the channel’s review. They will guide you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s look over what it is before we examine its costs and what it can offer.
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? Stingray #T5515-Ep-Nft-Abab
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
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 the users, not by the platform. Since they are a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is completed the digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. There are eight categories to which they usually belong. Let’s take a closer examine each.
Music
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars and digital pet and other characters that can be traded or taken home. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT since before NFT became a reality. As of today it is possible to make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or short video clips.
Trading Cards
You can also collect digital trading cards such as those from Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected such as animated logos of teams.
Virtual Worlds
VR environments and components can be purchased. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual worlds. A popular instance can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is easy. All you need to do is post your products on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and the type of auction then you’re all set.
For 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. The choices are:
Fixed Price
The seller is the one who will be charged the cost of the NFT. Like the name suggests the price never changes.
Dutch Auction
In the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
English Auction
The seller puts up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
Bundles
If you want to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you have to understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be minted as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will depend on the market, but you can expect it to be around $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers get as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment for or make a deposit. Stingray #T5515-Ep-Nft-Abab
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of 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 take a look at the benefits and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Stingray #T5515-Ep-Nft-Abab
They also offer a range of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Cons
Although it’s decentralized and offers one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about privacy and security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Stingray #T5515-Ep-Nft-Abab
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via the contact page. Just go to their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need make is to 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 accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, which means they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach through their contact form. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate every now and then.
