OpenSea is now one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d rather watch a video instead, you can check out the channel’s review. They will guide you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you like reading, we’ll look through what it is prior to 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Va OpenSeason Benefits
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed the digital assets will never leave your account. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like 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. There are eight categories to which they are typically placed. Let’s review of each.
Music
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even old technology.
For NFTs, it is possible to collect avatars and digital pet or other characters that can be sold or acquired. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT, even before NFT became a reality. In the present you can make the same thing with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Sports
Digital items related to sports can also be collected, for example, animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects and even virtual land. One popular instance can be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also 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 your products on OpenSea is simple. All you need to do is list them in the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid 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 single-use gas charge.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller is the one who will be charged the price that is the NFT. Like the name suggests the price never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller puts up an NFT to sell and list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes 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 multiple NFTs under one transaction, it is possible to 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 fees to access the platform. The fee is charged can vary according to the platform, it’s generally proportional to the 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 have to pay 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost reasonable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The cost of the 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 some NFTs charge additional commissions. For example, game developers get as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or deposit. Va OpenSeason Benefits
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the 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 examine the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Va OpenSeason Benefits
They also offer several types of digital assets, which makes it one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Cons
Although it’s decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems 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 Va OpenSeason Benefits
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support team can be reached via its contact forms. Just go to their official website and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, which means they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach via the contact page. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for sale. It’s simple and free of gas to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, which means they fluctuate from time to time.
