OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can give you the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, check out the review of this channel. They will guide users through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer the written word, go over what it is before we look into its fees 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 review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? The Foundation Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, 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 established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s 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 an artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or older technology.
As for NFTs, it is possible to collect avatars and digital pet, or other characters that can be sold or collected. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT, even before NFT became a reality. In the present it is possible to make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
Trading Cards
It is also possible to collect digital trading cards such as those of Sorare or BCCG.
Sports
Digital items related to sports can also be collected such as animated logos of teams.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters and even virtual land. A well-known example is Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and auction type then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
Fixed Price
The seller is the one to pay the price for the NFT. As the name implies the price never changes.
Dutch Auction
In the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers generally set high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent fee competitive.
But, it is important to know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart 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 is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment for or transfer funds. The Foundation Nft
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of 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 disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. The Foundation Nft
They also offer a range of digital asset, making their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Cons
Although it’s open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
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 The Foundation Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via the contact page. Just go to their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through their contact form. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, therefore they constantly change from time to time.
