OpenSea is now one of the leading marketplaces for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you prefer to watch a video instead, take a look at the review of this channel. They will guide the user through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like the written word, look through what it is prior to we look into its fees and what it has to offer.
Before you go on, you may want to watch 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? 12X12 Diy Nft Idea
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange 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 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
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 simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or acquired. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. As of today it is possible to create digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards such as those from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters, or even virtual worlds. A popular example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and auction type then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. They are:
The seller is the one to pay the cost that is the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers generally set expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on 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’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. Similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers receive up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment or transfer funds. 12X12 Diy Nft Idea
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about coding or blockchain. 12X12 Diy Nft Idea
They also offer a range of digital currency, making it one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it’s decentralized and offers one of the largest NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ 12X12 Diy Nft Idea
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via its contact forms. Visit their official website and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, which means they constantly change from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Go to their website, and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy but you could also check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, therefore they change every now and then.