OpenSea is now one of the most popular markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is a long read. If you prefer to take a look at a video instead, check out the review of this channel. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer the written word, look over what it is before we examine its costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? The Difference Between A Nft Tfn Fnt
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets on the platform are owned by the users, not by the platform. Since they’re an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
If the transaction is completed, your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their browser to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else 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, there were people were investing in collectibles such as baseball cards film props, and even the older technologies.
In the case of NFTs, you can gather avatars, digital pets and other characters that can be traded or collected. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT, even before NFT came to be. In the present you can create digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare or BCCG.
Sports
Digital items related to sports can also be collected for example, animated logos of teams.
Virtual Worlds
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual lands. One popular instance is Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains 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 options for selling?
Selling your products on OpenSea is simple. All you need to do is to list them on the marketplace. All you need to do is to make sure your account is linked. 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 one-time fee for gas.
You can currently select from five options for selling. These are:
Fixed Price
The seller will be the one to pay the price for the NFT. Just as the name suggests, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will fall over time. Sellers usually set very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells it to the highest 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. Then you can sell them through the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create 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 or deposit. The Difference Between A Nft Tfn Fnt
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted 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 examine the advantages and drawbacks when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. The Difference Between A Nft Tfn Fnt
They also offer several types of digital asset, which makes them 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 open source and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.
In the end, 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 The Difference Between A Nft Tfn Fnt
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it on your phone on the go, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. Just go to their website, and search at “Submit a request.”
Do you have the ability to earn 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. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. Gas fees are 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 fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through its contact forms. Just go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, so they change every now and then.
