OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to watch videos instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll look through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Athletes Nft
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The available NFTs are not 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 helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is successful your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to buy. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even old technology.
As for NFTs, it is possible to collect avatars, digital pets or any other characters that could be traded or taken home. The rarer they are, the more value they possess. 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 create digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters and even virtual land. A popular instance can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified 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 selling options?
Selling on OpenSea is easy. 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. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller is the one to charge the cost that is the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers typically set up very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller puts up an NFT to sell and list the minimum price. This is different from that of the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee competitive.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards for payment for or deposit. Athletes Nft
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Athletes Nft
They also provide a variety of digital asset, which makes it one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. Furthermore, 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 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Athletes Nft
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team that can be reached via their contact form. Visit the official site and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
These are transactions costs 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, which means they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through their contact form. Visit their official website and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they fluctuate every now and then.