OpenSea has become one of the top markets for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will provide the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is lengthy. If you’d rather take a look at videos instead, take a look at this channel’s review. They will guide the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go through what it is prior to we go over the 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Who Created Nft
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not by the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is completed the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can 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 available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
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, it is possible to collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT prior to when NFT was invented. Today, you can also create digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
Trading Cards
You can also collect digital trading cards like those of Sorare or BCCG.
Sports
Digital items related to sports are also available, such as animated team logos.
Virtual Worlds
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, or even virtual lands. A popular instance could be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by 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 have to do is post them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller is the one who will be charged the cost for the NFT. As the name implies, it never changes.
Dutch Auction
For the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers usually set very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
English Auction
The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases over time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
Bundles
If you are looking to sell several NFTs under 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 fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost affordable.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards to pay for or transfer funds. Who Created Nft
The NFTs are only able to be purchased or sold if your cryptocurrency 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 look at the benefits and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Who Created Nft
They also provide a variety of digital asset, which makes them one of the most popular NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Cons
While it is open source and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Who Created Nft
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via its contact forms. Just go to their official website and search for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular 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 has a mobile and desktop browser that users can use. In the event that 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. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can reach through the contact page. Visit their website, and look at “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 the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, therefore they fluctuate at regular intervals.
