OpenSea has grown to become one of the top marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at a video instead, you can check out the channel’s review. They will guide you through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you like to read, let’s go over the basics before we look into its fees 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 review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Top Nft Coins
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required 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 like to buy. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or the older technologies.
For NFTs, you can collect avatars, digital pets or other characters that can be traded or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT became a reality. As of today you can create digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards, such as the ones from Sorare as well as BCCG.
Sports
Sports-related digital items are also available, for example, animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. You can purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects and even virtual land. A well-known illustration could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. 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 to list them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
Fixed Price
The seller will be the one to charge the cost that is the NFT. Just as the name suggests, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share 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 percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, or debit cards to pay or transfer funds. Top Nft Coins
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that 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 of using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to get 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. Top Nft Coins
They also offer a range of digital currency, which makes 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 decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Top Nft Coins
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through its contact forms. Go to their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the 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 gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team you can contact through the contact page. Just go to their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged 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.
