OpenSea has grown to become one of the most popular marketplaces 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 have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an established marketplace will provide the leverage you need. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to watch a video instead, take a look at the channel’s review. They will guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you like to read, let’s go over the basics before 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Z Run Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange 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 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on this platform belong to the users, not by the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to 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 that you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or older technology.
As for NFTs, it is possible to collect avatars, virtual pets or other characters that can be traded or acquired. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT since before NFT was invented. In the present it is possible to make the same thing with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Sports
The digital objects associated with sports are also available, for example, animated team logos.
Virtual Worlds
VR environments and components can now also be bought. You can buy these metaverses, or other items such as game items, the VR environment, characters, virtual objects or even virtual lands. A popular example can be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller is the one to pay the price of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers generally set high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they have agreed on a price.
English Auction
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. They can be sold in the marketplace.
Bundles
If you’re looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee competitive.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For example, game developers receive as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies 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 use PayPal, credit, or debit cards for payment for or deposit. Z Run Nft
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported 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 look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea is decentralized, making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. Z Run Nft
They also offer a range of digital asset, making it one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Cons
Although it is open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Z Run Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via the contact page. Go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through its contact forms. Visit their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make 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 to do, however you should go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, therefore they change at regular intervals.
