OpenSea is now one of the leading platforms for NFTs. It’s also the first one to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you prefer to watch videos instead, take a look at the review of this channel. They will guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you like to read, let’s go over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Storyfire Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among 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 that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by users, not the platform. Since they’re an open marketplace, they have intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required 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 offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a examine each.
Music
Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.
As for NFTs, you can collect avatars, virtual pets, or other characters that can be traded or collected. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT, even before NFT was invented. Today you can do the same with digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even short video clips.
Trading Cards
You can also collect digital trading cards such as those from Sorare and BCCG.
Sports
Digital items related to sports are also available, like animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. A popular example could be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as 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 options for selling?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. These are:
Fixed Price
The seller is the one to charge the cost for the NFT. As the name implies the price never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will fall over the course of. Sellers usually set very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
English Auction
The seller is required to put up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes 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 within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.
But, it is important to understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers receive as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit or debit cards to pay for or transfer funds. Storyfire Nft
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains 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 of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Storyfire Nft
They also provide a variety of digital asset, which makes it one of the largest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Cons
While it is open source and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Storyfire Nft
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through the contact page. Go to their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the 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 gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, therefore they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach through its contact forms. Go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.
