OpenSea has become one of the top markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can provide the leverage you need. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you prefer to watch videos instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer the written word, go through what it is prior to we go over the 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? 11/16Th Nft Die
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea All of the assets on the platform are owned by the users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
If 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 need is to possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music could be among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or the older technologies.
For NFTs, you can collect avatars, virtual pets or other characters that can be traded or acquired. The rarer they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. Today it is possible to create digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected like animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual lands. A popular example could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. They are:
The seller will be the one who will be charged the price for the NFT. Just as the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is different from the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost reasonable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be created as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional 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 make use of PayPal credit or debit cards for payment or transfer funds. 11/16Th Nft Die
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 support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain or coding. 11/16Th Nft Die
They also offer several types of digital asset, making it one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
While it is open source and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores could charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ 11/16Th Nft Die
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support team can be reached via the contact page. Just go to their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using 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. 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 from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, so they constantly change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through their contact form. Go to their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they change at regular intervals.