OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you prefer to watch a video instead, you can check out the review of this channel. They will guide users through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you prefer the written word, go over the basics before we go over the costs and what it has to offer.
Before you continue, 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Street Fighter Nft
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Since they are an open marketplace, they have intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is complete, your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, 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 are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even older technology.
For NFTs, you can collect avatars, digital pets, or any other characters that could be sold or acquired. The more rare they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT prior to when NFT was invented. As of today, you can also make the same thing with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
Trading Cards
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Sports
The digital objects associated with sports can also be collected such as animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual worlds. A well-known instance can be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to 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 have to do is post your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. They are:
Fixed Price
The seller is the one who will be charged the price that is the NFT. Just as the name suggests, it never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.
English Auction
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you want to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally proportional to the price paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost competitive.
However, you must know that certain NFTs have higher transaction fees compared to others. 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 is costly. The NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or transfer funds. Street Fighter Nft
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 examine the advantages and drawbacks when 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 there is no any experience or expertise in blockchain technology or programming. Street Fighter Nft
They also offer several types of digital assets, which makes their platform one of the largest NFT marketplaces. Low platform costs are also a great method to make more money.
Cons
Although it’s open source and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Street Fighter Nft
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support staff that can be reached via the contact page. Visit the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the costs for gas?
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, therefore they change 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 users can use. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through its contact forms. Just go to their official website and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, which means they fluctuate every now and then.
