OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d prefer to watch a video instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer the written word, look over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? 6000 Nft Football Field
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about 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 You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or older technology.
For NFTs, you can collect avatars and digital pet, or other characters that can be sold or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT was invented. In the present you can do the same with digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare or BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses, or other items like game objects as well as the VR environment virtual objects, characters and even virtual land. One popular illustration can be Axie Infinity.
As absurd as it may sound there are also NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and auction type, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from five options for selling. The choices are:
The seller will be the one to charge the price for the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers generally set high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price drops 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 payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. There are no listing fees or 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 be aware that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers get 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay or transfer funds. 6000 Nft Football Field
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. 6000 Nft Football Field
They also offer a range of digital assets, making them one of the biggest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
While it is decentralized and offers one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds 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 wide range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ 6000 Nft Football Field
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 through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that can be reached via its contact forms. Visit their official website and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, so they fluctuate every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via its contact forms. Visit their official website and search for “Submit a request.”
Do you have the ability to make 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. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore they fluctuate from time to time.