OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with a good marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d prefer to watch a video instead, check out the review of this channel. They will guide you through OpenSea and its features so that you understand everything before you begin NFT trading.
If you like to read, let’s look through what it is prior to we examine its costs and the benefits it offers.
Before you go on, 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 our article for a more comprehensive review.
What is OpenSea? Try Showtime Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.
This means that unless the transaction is completed, your digital assets will never leave your account. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their browser to find 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 can you purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music
Music may be one of the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or the older technologies.
For NFTs, you can gather avatars, virtual pets or other characters that can be traded or taken home. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT since before NFT became a reality. Today, you can also make the same thing with digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports
Digital items related to sports can also be collected, for example, animated team logos.
Virtual Worlds
VR environments and components are now available for purchase. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. One popular illustration can be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose among five selling options. They are:
Fixed Price
The seller is the one to pay the price of the NFT. As the name implies, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers typically set up very high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.
English Auction
The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold through the marketplace.
Bundles
If you’re looking to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you must be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be created as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers receive up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit and debit card to make payments or transfer funds. Try Showtime Nft
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. Try Showtime Nft
They also provide a variety of digital currency, which makes their platform one of the biggest NFT marketplaces. The low platform charges are also a good way for you to make more money.
Cons
Although it’s decentralized and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Try Showtime Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via their contact form. Just go to the official site and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Just go to their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, so they fluctuate every now and then.
