OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is a long read. If you’d rather watch videos instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll look over what it is before we look into its fees and what it has to offer.
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 the article for a more comprehensive review.
What is OpenSea? Verticle Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was established in the year the year 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 biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to post NFTs purchased or made 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 on the marketplace are held by users, not the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
> > 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 from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer examine each.
Music
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or acquired. The rarer they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT since before NFT became a reality. In the present you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like those of Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected like animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. You can buy these metaverses or other things such as game items and the VR environment virtual objects, characters, or even virtual lands. One popular instance can be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. Names that are based on blockchain can be purchased 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 your products on OpenSea is easy. All you have to do is list your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller is the one to charge the cost for the NFT. Like the name suggests it is not subject to change.
Dutch Auction
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
Bundles
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks 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 surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent cost affordable.
However, you must understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be created as a valid non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers receive 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create 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 or transfer funds. Verticle Nft
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted 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 look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have experience or knowledge about blockchain technology or programming. Verticle Nft
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. Low platform charges are also a good opportunity 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 cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Verticle Nft
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Go to their official website and look on the page for “Submit a request.”
Are you able to mint 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. When you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that 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 make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s simple and free of gas but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.
