OpenSea has grown to become one of the leading platforms for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer the written word, look over the basics before we examine its costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Vinyl Head Post For Nft
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was founded in the year 2018 with the help of 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 very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
That means 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 possess a wallet that is compatible with web3.
If you’re a buyer, 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 kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s review of each.
Music
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even the older technologies.
In the case of NFTs, you can collect avatars, digital pets, or other characters that can be sold or collected. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT prior to when NFT became a reality. As of today you can do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Sports
Sports-related digital items are also available, such as animated logos of teams.
Virtual Worlds
VR spaces and elements can be purchased. You can purchase these metaverses or other things such as game items, the VR environment, characters, virtual objects or even virtual lands. A popular example can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and auction type, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
Fixed Price
The seller is the one to pay the cost of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
For the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional 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 price paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be issued as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, and debit card to make payments or make a deposit. Vinyl Head Post For Nft
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with 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 take a look at the benefits and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Vinyl Head Post For Nft
They also offer a range of digital asset, which makes their platform one of the most popular NFT marketplaces. Low platform costs are also a great method to make more money.
Cons
While it is open source and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Vinyl Head Post For Nft
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via the contact page. Go to their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, which means they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through its contact forms. Visit their official website and look for “Submit a request.”
Do you have the ability 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. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, which means they fluctuate at regular intervals.
