OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can provide the leverage you need. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is lengthy. If you prefer to take a look at videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer the written word, go over what it is before we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Was Sit Nft
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to look for NFTs you’d like to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even old technology.
For NFTs, you can collect avatars, digital pets, and other characters that can be traded or taken home. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT since before NFT became a reality. In the present you can create digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Sports
Digital items related to sports can also be collected, for example, animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. You can buy these metaverses, or other items such as game items, the VR environment, virtual objects, characters or even virtual worlds. A well-known instance can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by 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 have to do is list them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. These are:
Fixed Price
The seller is the one to charge the cost for the NFT. As the name implies, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers generally set high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a price.
English Auction
The seller will put up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve 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 through the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only need 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 5percent commission per sale, making OpenSea’s 2.5 percent fee affordable.
However, you have to be aware that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers get as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards for payment for or transfer funds. Was Sit Nft
The NFTs can be purchased or traded if your cryptocurrency is supported 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 examine the advantages and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Was Sit Nft
They also offer several types of digital currency, making their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Cons
Although it is decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Was Sit Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via its contact forms. Just go to their website, and look for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction 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 regular fees. The prices are driven by the market, therefore they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through the contact page. Go to their official website and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. 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. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, therefore they change from time to time.
