OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will provide the leverage you need. This is why we wrote 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, take a look at this channel’s review. They’ll guide you through OpenSea and its features so that you understand everything before you jump in with NFT trading.
For those who prefer the written word, look 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. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Youtube The Real Nft
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, 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 helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to find 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 are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music
Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even old technology.
As for NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or collected. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT prior to when NFT was invented. As of today you can do the same with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
Trading Cards
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Sports
The digital objects associated with sports are also available, such as animated logos of teams.
Virtual Worlds
VR spaces and elements can now also be bought. You can buy these metaverses or other things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A popular instance could be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. 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 need to do is to list your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from five options for selling. They are:
Fixed Price
The seller will be the one to pay the cost of the NFT. As the name implies it is not subject to change.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
Bundles
If you’re looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you have to know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be created as a valid, non-fungible token after your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards to pay for or transfer funds. Youtube The Real Nft
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 drawbacks that come with using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. Youtube The Real Nft
They also offer several types of digital asset, which makes them one of the largest NFT marketplaces. The low platform costs are also a great method to earn more income.
Cons
Although it’s open source and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also increasing over time. It’s very innovative and odd, 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 the decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Youtube The Real Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through the contact page. Just go to the official site and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
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 recurring fees. The prices are driven through the marketplace, therefore they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through the contact page. Just go to their official website and look 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 the item to your collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they change at regular intervals.
