OpenSea has grown to 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 become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to watch a video instead, take a look at the review of this channel. They’ll walk you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer to read, let’s go over the basics before we examine its 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 review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? 89 Million Nft Slate Interview Kapernik
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
If the transaction is successful, your digital assets won’t leave your account. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer examine each.
Music
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 an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or older technology.
As for NFTs, it is possible to collect avatars and digital pet, and other characters that can be sold or collected. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT, even before NFT became a reality. As of today you can do the same with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards, such as those from Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected, like animated team logos.
Virtual Worlds
VR environments and components can now also be bought. You can purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, and even virtual land. A well-known example is Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them in the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. They are:
Fixed Price
The seller is the one who will be charged the cost that is the NFT. As the name implies the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
Bundles
If you are looking to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 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 that it will be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers receive up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments or make a deposit. 89 Million Nft Slate Interview Kapernik
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
Pros
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have experience or knowledge about blockchain technology or programming. 89 Million Nft Slate Interview Kapernik
They also offer a range of digital asset, which makes it one of the largest NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
Cons
Although it is decentralized and offers one of the largest NFT selections, 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 create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ 89 Million Nft Slate Interview Kapernik
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Visit their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, so they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through the contact page. Visit their official website and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.
