OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will give you the leverage you need. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you’d prefer to take a look at a video instead, take a look at the channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like the written word, look over what it is before we go over the 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? What Nft Should I Buy
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
If the transaction is successful your digital assets will never leave your account. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
For those who are buyers you can use their browser to find NFTs you’d like to buy. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars, virtual pets and other characters that can be sold or collected. The rarer they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT prior to when NFT became a reality. In the present, you can also do the same with digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
Trading Cards
You can also collect digital trading cards like those from Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected, such as animated team logos.
Virtual Worlds
VR environments and components can be purchased. It is possible to purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A well-known example can be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific capabilities. 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 being 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 your products on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. These are:
Fixed Price
The seller will be the one to pay the cost that is the NFT. Like the name suggests the price never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the 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 will decrease with time. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
Bundles
If you want to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost affordable.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, and debit card to make payments or make a deposit. What Nft Should I Buy
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains 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 benefits and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in blockchain technology or programming. What Nft Should I Buy
They also offer several types of digital asset, which makes them one of the largest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Cons
Although it’s decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ What Nft Should I Buy
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via their contact form. Visit 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 have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, so they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Visit their website, and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, therefore they fluctuate every now and then.
