OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you prefer to take a look at videos instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll look over what it is before we go over the costs 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? What Is An Nft Date
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in 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 among the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is completed your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their search engine to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they usually belong. Let’s review of each.
Music
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even old technology.
In the case of NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or collected. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT since before NFT was invented. As of today, you can also make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
Trading Cards
You can also collect digital trading cards, such as those from Sorare and BCCG.
Sports
The digital objects associated with sports are also available, like animated logos of teams.
Virtual Worlds
VR spaces and elements can be purchased. You can buy these metaverses and other things such as game items and the VR environment characters, virtual objects or even virtual worlds. A well-known instance can be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. You can buy blockchain-based names 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 selling options?
Selling on OpenSea is easy. All you need to do is list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller will be the one to charge the price for the NFT. Like the name suggests the price never changes.
Dutch Auction
In the Dutch Auction, the seller decides on a price which will decrease in time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
English Auction
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. 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 is costly. The NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers get 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit and debit card to make payments or deposit. What Is An Nft Date
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the 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 examine the advantages and drawbacks of using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. What Is An Nft Date
They also provide a variety of digital assets, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Cons
While it is decentralized and offers one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a 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 crypto wallet to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 %.
In the end, 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 Is An Nft Date
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through the contact page. Just go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through its contact forms. Just go to the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using 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, put them up for auction. This is gas-free and easy but you could also check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, so they change from time to time.
