OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen 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 an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from a good marketplace can give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to take a look at videos instead, take a look at this channel’s review. They’ll guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll look over the basics before we look into its fees 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 of OpenSea.
What is OpenSea? Upcoming Nft
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the 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 are constantly growing. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Because they’re an open marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer examine each.
Music
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or older technology.
As for NFTs, it is possible to collect avatars and digital pet, and other characters that can be sold or acquired. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT prior to when NFT became a reality. Today, you can also create digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards, such as those from Sorare and BCCG.
Sports
The digital objects associated with sports are also available, for example, animated logos of teams.
Virtual Worlds
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things like game elements and the VR environment characters, virtual objects or even virtual lands. A popular instance could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. 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 have to do is to list your products on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and the type of auction then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from 5 selling options. These are:
Fixed Price
The seller will be the one to pay the cost that is the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
In the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers usually set very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they have agreed on a price.
English Auction
The seller puts up an NFT for sale and will list the minimum price. It’s opposite to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold in the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income 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. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you have to be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers are paid up to 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or deposit. Upcoming Nft
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. Upcoming Nft
They also offer a range of digital assets, which makes their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Cons
Although it’s decentralized and has one of the largest NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Upcoming Nft
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Visit their website, and look for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, which means they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through its contact forms. Go to their official website and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. It’s simple and free of gas, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, so they change every now and then.
