OpenSea has become one of the most popular platforms for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time 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 lengthy. If you prefer to watch a video instead, check out the review of this channel. They will guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer to read, let’s go over the basics before we examine its costs and what it has to offer.
Before you continue, you may want to check out 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? What Does Nft Mean In Animal Jam
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is completed your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can utilize their website to find NFTs you’d like to buy. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music
Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. 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.
In the case of NFTs, it is possible to collect avatars, digital pets, or other characters that can be sold or taken home. The rarer they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT, even before NFT was invented. As of today you can create digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as those from Sorare as well as BCCG.
Sports
The digital objects associated with sports can also be collected like animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. One popular example can be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. 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 your products on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
Fixed Price
The seller is the one who will be charged the cost that is the NFT. Just as the name suggests, it never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
English Auction
The seller is required to put up an NFT for sale and lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually 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 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted 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 anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards to pay or deposit. What Does Nft Mean In Animal Jam
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using 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 examine the advantages and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. What Does Nft Mean In Animal Jam
They also offer a range of digital currency, which makes them one of the biggest NFT marketplaces. The low platform charges are also a good method to earn more income.
Cons
While it is open source and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for 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
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ What Does Nft Mean In Animal Jam
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via their contact form. Go to their website, and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they fluctuate 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 you can utilize. If you’re using it through your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled with money to start.
Does OpenSea have a support team?
Yes they do have a support team you can contact through its contact forms. Go to their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have 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 could also look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, therefore they change from time to time.
