OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d prefer to watch videos instead, you can check out the channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll go over the basics before 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Beeple Everyday 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 available are not restricted to art, music game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their search engine to find NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music may be one of the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even 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 sold or collected. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. In the present it is possible to do the same with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare or BCCG.
Sports-related digital items are also available, 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 things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A well-known illustration can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains 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 them in the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select from five options for selling. These are:
The seller will be the one to charge the price of the NFT. Like the name suggests the price never changes.
In the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee affordable.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be issued as a valid non-fungible token after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers get up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit and debit card to make payments or transfer funds. Beeple Everyday Nft
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they 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 is decentralized, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Beeple Everyday Nft
They also offer a range of digital asset, which makes them one of the largest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
While it is decentralized and offers one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Beeple Everyday Nft
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must 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 the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, so they change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through the contact page. Just go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then 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 check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, which means they fluctuate from time to time.