OpenSea is now one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will give you the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite a long read. If you’d rather take a look at a video instead, check out the channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like to read, let’s look through what it is prior to we look into its fees and what it can offer.
Before you continue, 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? Thomas Calhoun President On Nft
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets on this platform belong to the users, not by the platform. Because they’re an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to search for NFTs that you’d prefer to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types 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 typically fall into. Let’s take a closer examine each.
Music
Music could be among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars, virtual pets and other characters that can be traded or acquired. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT, even before NFT was invented. As of today, you can also create digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
Trading Cards
You can also collect digital trading cards like those from Sorare and BCCG.
Sports
Digital items related to sports can also be collected, like animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters or even virtual worlds. One popular example can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be classified 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 your products on OpenSea is simple. All you need to do is post them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
Fixed Price
The seller will be the one who will be charged the price that is the NFT. Like the name suggests, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in the course of. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. 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 to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
Bundles
If you want to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. 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 competitive.
However, you have to understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid, non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards to pay for or transfer funds. Thomas Calhoun President On Nft
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they can 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 is decentralized, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. Thomas Calhoun President On Nft
They also offer a range of digital asset, which makes it one of the largest NFT marketplaces. Low platform fees are also an excellent method to earn more income.
Cons
Although it is open source and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Thomas Calhoun President On Nft
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via the contact page. Just go to the official site and look on the page for “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. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it on your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through the contact page. Visit the official site and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, which means they fluctuate from time to time.
