OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to release such a platform in the past. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an established marketplace will help you get the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d rather take a look at videos instead, take a look at the review of this channel. They’ll guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s go over what it is before we look into its fees 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 review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Tensao Nft
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Since they are an open marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is completed, your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at 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, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, you can collect avatars, digital pets, or other characters that can be sold or taken home. The rarer they are the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT, even before NFT was invented. As of today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards like those of Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected, for example, animated logos of teams.
Virtual Worlds
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, and even virtual land. A well-known instance is Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. Names that are based on blockchain can be purchased 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 need to do is post them in the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. The choices 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 the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can 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 to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
Bundles
If you want to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers receive as much as 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment for or transfer funds. Tensao Nft
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they are able to 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 that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have experience or knowledge about blockchain or coding. Tensao Nft
They also provide a variety of digital assets, making it one of the most popular NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Cons
Although it’s open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been 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 be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% fee on sales is acceptable, given that some online stores may charge as much 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 Tensao Nft
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via its contact forms. Just go to their website, and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to 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 accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support team you can contact through its contact forms. Just go to their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, which means they change every now and then.
