OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch a video instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s go over the basics before we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? What Nfts To Buy
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about 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 You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can use their browser to look for NFTs you’d like to purchase. They also have filters available to aid in 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. Here are eight categories in which they are typically placed. Let’s review of each.
Music
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can collect avatars, digital pets, or other characters that can be traded or taken home. The more rare they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT since before NFT came to be. As of today it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Sports
Sports-related digital items are also available, such as animated team logos.
Virtual Worlds
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known example is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. You can buy blockchain-based names 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 selling options?
Selling on OpenSea is easy. All you have to do is post 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, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
Fixed Price
The seller is the one to pay the cost that is the NFT. Like the name suggests, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
English Auction
The seller will put up an NFT for sale and lists the minimum price. It’s opposite to the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. They can be sold in the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost competitive.
However, you must understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers get up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments or deposit. What Nfts To Buy
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. What Nfts To Buy
They also offer a range of digital currency, making it one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Cons
While it is decentralized and offers one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ What Nfts To Buy
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Visit their official website and look on the page for “Submit a request.”
Do you have the ability to earn money 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 sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, so they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach through the contact page. Visit the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they fluctuate at regular intervals.
