OpenSea is now one of the top marketplaces for NFTs. It’s also the first to launch a platform like this 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 celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an appropriate marketplace can give you the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at videos instead, check out this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s go over what it is before we examine its 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. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? When Was Nft Created
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s look at each.
Music
Music could be among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards movie props, or even older technology.
As for NFTs, you can collect avatars, virtual pets and other characters that can be sold or taken home. The rarer they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT, even before NFT came to be. As of today, you can also make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports
Sports-related digital items can also be collected, like animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, and even virtual land. A popular example can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list your products on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller will be the one who will be charged the cost of the NFT. As the name implies, it never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller will put up an NFT for sale and lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
Bundles
If you are looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent fee affordable.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers are paid 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards for payment for or deposit. When Was Nft Created
The NFTs can be purchased or sold only if the cryptocurrency you’re using 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 is decentralized, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about blockchain or coding. When Was Nft Created
They also offer a range of digital currency, making it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
Cons
Although it’s decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and 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 variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
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 percentage fee on sales is acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ When Was Nft Created
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via their contact form. Go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create 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 check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, so they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through their contact form. Go to the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, so they change at regular intervals.
