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 even more popular since celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you prefer to take a look at a video instead, you can check out the channel’s review. They will guide the user through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you prefer the written word, look over the basics before we go over the costs and what it has to offer.
Before you continue, you may want to watch 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? Trevor Jones Nft
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year the year 2018 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 which is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. 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 ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to find NFTs you’d like to buy. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes remixes, beatsand vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, or older technology.
For NFTs, you can collect avatars and digital pet or other characters that can be sold or collected. The rarer they are the more value they will be. 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. In the present it is possible to make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like those of Sorare and BCCG.
Sports
The digital objects associated with sports are also available, such as animated team logos.
Virtual Worlds
VR space and other elements can be purchased. You can buy these metaverses, or other items like game objects, 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 features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains 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 options for selling?
Selling on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
Fixed Price
The seller will be the one to charge the price for the NFT. Just as the name suggests, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the 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 auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the transaction 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 in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent fee competitive.
However, you must be aware that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will only be minted as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit and debit card to make payments for or make a deposit. Trevor Jones Nft
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that 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 take a look at the advantages and drawbacks of using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. Trevor Jones Nft
They also offer several types of digital asset, making them one of the biggest NFT marketplaces. Low platform costs are also a great method to earn more income.
Cons
Although it’s open source and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters 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 make transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, 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 Trevor Jones Nft
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through their contact form. Go to their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When 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 the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, so they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through its contact forms. Visit their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, which means they constantly change at regular intervals.
