OpenSea is now one of the top platforms for NFTs. It’s also the first to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea has always been the most popular 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 a long read. If you’d prefer to watch a video instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer reading, we’ll go through what it is prior to we go over the costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Alec Monopoly Nft
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was established in the year 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 collectibles. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice 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 use smart contracts that allow users 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 will never leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even old technology.
For NFTs, you can collect avatars and digital pet or other characters that can be sold or acquired. The rarer they are the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT came to be. As of today, you can also make the same thing with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards such as the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual lands. A popular example can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples come 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 shut down from 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. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select among five selling options. These are:
The seller is the one to pay the price for the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set high prices. With time, the value 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 once they have agreed on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries earn 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 fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee competitive.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers are paid 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards to pay for or deposit. Alec Monopoly Nft
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about coding or blockchain. Alec Monopoly Nft
They also offer several types of digital currency, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity 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 cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Alec Monopoly Nft
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support team that can be reached via the contact page. Visit their website, and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, so they change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Go to the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, which means they fluctuate at regular intervals.