OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from a good marketplace can give you the leverage you need. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d rather watch videos instead, take a look at the channel’s review. They’ll walk you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer reading, we’ll go through what it is prior to we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Austin Nft
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, 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 sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even the older technologies.
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. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. Today it is possible to make the same thing with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards such as those of Sorare and BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters, and even virtual land. A well-known example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller will be the one who will be charged the price that is the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost competitive.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be created as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as 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 make use of PayPal credit or debit cards to pay for or make a deposit. Austin Nft
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. Austin Nft
They also provide a variety of digital currency, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
While it is open source and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency, 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 can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying 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 can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Austin Nft
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team can be reached via the contact page. Go to their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, so they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, the browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via its contact forms. Go to their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they fluctuate from time to time.