OpenSea is now one of the leading markets for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is lengthy. If you prefer to watch videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll go over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Video How To Auction On OpenSea Crypto Site
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music
Music may be one of the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
As for NFTs, you can collect avatars, virtual pets, or any other characters that could be sold or acquired. The rarer they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT, even before NFT became a reality. In the present you can create digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
Trading Cards
It is also possible to collect digital trading cards such as those from Sorare and BCCG.
Sports
Sports-related digital items can also be collected, like animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. You can buy these metaverses or other things such as game items and the VR environment virtual objects, characters and even virtual land. A well-known illustration can be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and auction type then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select among five selling options. These are:
Fixed Price
The seller will be the one who will be charged the cost that is the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to that of 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 for the most expensive bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
Bundles
If you want to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional 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. That also means you cannot make use of PayPal credit and debit card to make payments or make a deposit. Video How To Auction On OpenSea Crypto Site
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 disadvantages of using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and almost 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. Video How To Auction On OpenSea Crypto Site
They also provide a variety of digital currency, making them one of the biggest NFT marketplaces. Low platform costs are also a great method to make more money.
Cons
Although it’s decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, 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 Video How To Auction On OpenSea Crypto Site
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet 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 you can contact through its contact forms. Go to their official 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 then add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, so they change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through the contact page. Just go to the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from 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, therefore they constantly change at regular intervals.
