OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn 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 users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer the written word, look over the basics before we look into its fees and what it has to offer.
Before you go on, you may want to watch 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? Angela Lansbury Nft 1973
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in 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 are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to buy. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, and even the older technologies.
In the case of NFTs, you can collect avatars and digital pet or any other characters that could be traded or collected. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT came to be. As of today it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
You can also collect 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 space and other elements are now available for purchase. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual worlds. A well-known instance can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. 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 from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
The seller will be the one who will be charged the cost for the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall over time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you must know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will be minted as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay or deposit. Angela Lansbury Nft 1973
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Angela Lansbury Nft 1973
They also provide a variety of digital assets, which makes their platform one of the biggest NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it’s decentralized and offers one of the most diverse NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea can be described as 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 decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Angela Lansbury Nft 1973
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via their contact form. Just go to their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at 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 accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, therefore they constantly change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your mobile phone, the browsers should work 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 has a support team?
Yes they do have a support staff that you can contact through its contact forms. Go to their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, therefore they fluctuate at regular intervals.