OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you’d rather watch a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you like reading, we’ll go over what it is before we examine its costs and what it has to offer.
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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Why Nfts Are Stupid
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. 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 offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your account. Furthermore, you’re not 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 look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs became popular, some people invested in collectibles such as baseball cards film props, or older technology.
As for NFTs, you can collect avatars and digital pet or other characters that can be traded or collected. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT since before NFT became a reality. In the present it is possible to create digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
Trading Cards
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected like animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game objects as well as the VR environment virtual objects, characters and even virtual land. A well-known instance can be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains 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 easy. All you have to do is list your products on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select from five options for selling. The choices are:
Fixed Price
The seller is the one to charge the price that is the NFT. Like the name suggests, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over the course of. Sellers usually set very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. 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 a minimum price. It’s opposite to the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.
> > 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. The fee is charged can vary per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost affordable.
However, you must understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment for or transfer funds. Why Nfts Are Stupid
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they can 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 take a look at the advantages and drawbacks that come with 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 you do not have any experience or expertise in blockchain technology or programming. Why Nfts Are Stupid
They also offer a range of digital assets, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Cons
While it is open source and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Why Nfts Are Stupid
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via its contact forms. Just go to their website, and search 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 add it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, so they change every now and then.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through its contact forms. Just go to the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have 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. It’s simple and free of gas, but you can also check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, therefore they constantly change every now and then.
