OpenSea has become one of the top markets for NFTs. It’s also the first one to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea has always been 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 lengthy. If you’d rather watch videos instead, you can check out the review of this channel. They will guide users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you like reading, we’ll look over the basics before we go over the costs and what it can 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? 3D Punks Nft
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was established in the year 2018 with the help of 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 very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is complete, your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s have a examine each.
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, or old technology.
As for NFTs, it is possible to collect avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT came to be. Today it is possible to make the same thing with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects and even virtual land. One popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list your products on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid 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 who will be charged the price for the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. 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 a minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost affordable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will be based on the market, but you can expect it to be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, and debit card to make payments or deposit. 3D Punks Nft
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. 3D Punks Nft
They also offer several types of digital currency, making it one of the biggest NFT marketplaces. The platform’s low costs are also a great method to make more money.
Although it’s decentralized and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ 3D Punks Nft
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via their contact form. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, so they change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through their contact form. Visit their official website and look for “Submit a request.”
Can you make money at OpenSea?
You can 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 sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, so they constantly change at regular intervals.