OpenSea has become one of the most popular platforms for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start 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 most popular NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d prefer to watch a video instead, take a look at the channel’s review. They’ll walk users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll look over what it is before we examine its costs and what it can 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 of OpenSea.
What is OpenSea? Week 1 Nft Lines
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell 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 established in 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 among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Because they’re an open marketplace, they have intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d like 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 more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even old technology.
As for NFTs, you can collect avatars, digital pets, or other characters that can be traded or acquired. The rarer they are the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT prior to when NFT was invented. Today you can make the same thing with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Sports
Digital items related to sports are also available, like animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual worlds. A well-known instance could be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
Fixed Price
The seller is the one to pay the cost of the NFT. Just as the name suggests, it never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller decides on a price which will fall over time. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. 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 an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent fee affordable.
However, you must know that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible after 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 extra commissions. For instance, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment for or deposit. Week 1 Nft Lines
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 take a look at the advantages and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Week 1 Nft Lines
They also offer several types of digital assets, which makes them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Cons
While it is decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Week 1 Nft Lines
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through their contact form. Visit the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team you can contact through its contact forms. Go to the official site 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. Once you’re ready to sell the items, post them for auction. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
These are transactions costs 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 by the market, therefore they fluctuate every now and then.
