OpenSea is now one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an established marketplace will give you the leverage you require. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you prefer to watch a video instead, take a look at the review of this channel. They’ll guide the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you like the written word, go over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? A Practical Guide To Nft Pdf
OpenSea is a marketplace for non-fungible tokens, also known 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 only limited to art, music games, or game products, as well as domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets that are listed on this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is successful the digital assets will never leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, or old technology.
In the case of NFTs, you can gather avatars and digital pet, or any other characters that could be traded or acquired. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. Today you can create digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards like those of Sorare and BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual worlds. One popular illustration is Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and auction type then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select from five options for selling. These are:
The seller is the one who will be charged the cost of the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller will put up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost competitive.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have 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 only be issued as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers are paid as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies 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. This means that you can’t make use of PayPal, credit, or debit cards to pay or make a deposit. A Practical Guide To Nft Pdf
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains 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 can be decentralized making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. A Practical Guide To Nft Pdf
They also offer several types of digital assets, making it one of the most popular NFT marketplaces. The platform’s low costs are also a great method to earn more income.
While it is open source and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ A Practical Guide To Nft Pdf
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Just go to their official website and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell the items, post 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 costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, so they fluctuate every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach through their contact form. Visit their official website and search 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 it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, so they fluctuate at regular intervals.