OpenSea is now one of the top markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at a video instead, take a look at the review of this channel. They’ll guide you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer to read, let’s look through what it is prior to we look into its fees and the benefits it offers.
Before you continue, 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? Will There Be An OpenSeason 5
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by users, not by the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a examine each.
Music
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars, virtual pets, and other characters that can be sold or collected. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT since before NFT came to be. Today you can create digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
Trading Cards
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Sports
Digital items related to sports can also be collected, such as animated logos of teams.
Virtual Worlds
VR environments and components can now also be bought. You can purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters or even virtual lands. One popular instance could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as 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 need to do is list them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
Fixed Price
The seller will be the one to pay the cost that is the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
In the Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells it for the most expensive 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 using the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
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. Also, you are not able to make use of PayPal credit or debit cards for payment for or make a deposit. Will There Be An OpenSeason 5
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that 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 disadvantages of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have experience or knowledge about blockchain technology or programming. Will There Be An OpenSeason 5
They also offer several types of digital assets, making it one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Cons
While it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of 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 establish a crypto wallet to either sell or purchase on the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Will There Be An OpenSeason 5
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via the contact page. Just go to their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, which means they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through the contact page. Visit their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, so they fluctuate from time to time.
