OpenSea has become one of the top markets for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from a good marketplace can provide the leverage you need. This is why we wrote this review. OpenSea has always been the top 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, check out this channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll look over the basics before 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Ben Rankin Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not by the platform. Since they are an open marketplace, they use intelligent contracts so that users can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is complete your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s look at each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can collect avatars and digital pet, or other characters that can be sold or taken home. The rarer they are the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. Today you can do the same with digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards like those from Sorare or BCCG.
Digital items related to sports can also be collected like animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual worlds. A well-known example is Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. The choices are:
The seller is the one to charge the cost for the NFT. Like the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will decrease over time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers receive 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, and debit card to make payments for or make a deposit. Ben Rankin Nft
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they can 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 is decentralized, making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. Ben Rankin Nft
They also offer several types of digital currency, which makes their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it is decentralized and offers one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is 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 decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Ben Rankin Nft
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support staff that can be reached via their contact form. Just go to their official website and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
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 has one-time fees and regular fees. Prices are determined by the market, which means they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through the contact page. Visit the official site and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they change every now and then.