OpenSea is now one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from a good marketplace can give you the leverage you require. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d prefer to watch videos instead, you can check out the review of this channel. They will guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer to read, let’s look through what it is prior to we go over the costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? 1.5 Nft Tube
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them 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 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 one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets on this platform belong to users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.
If the transaction is completed the digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can utilize their website to find NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even the older technologies.
As for NFTs, you can collect avatars, digital pets and other characters that can be sold or collected. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT was invented. As of today it is possible to make the same thing with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. One popular example can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list them in the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid 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. These are:
The seller is the one who will be charged the price that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller sets a price that will fall over time. Sellers generally set expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you must know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary 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, debit, and debit card to make payments or make a deposit. 1.5 Nft Tube
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if there is no prior experience or know-how in blockchain or coding. 1.5 Nft Tube
They also provide a variety of digital assets, which makes them one of the most popular NFT marketplaces. Low platform charges are also a good way for you to make more money.
While it is open source and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support 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.
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ 1.5 Nft Tube
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes, they have a support team that can be reached via their contact form. Go to the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it with your phone on the go, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through their contact form. Go to their official website and look for “Submit a request.”
Can you make money at OpenSea?
You can also 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 auction. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, which means they constantly change from time to time.