OpenSea has grown to become one of the top platforms for NFTs. It was the first to introduce a platform of this kind over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an established marketplace will give you the leverage you require. This is the reason we created this review. OpenSea has always been the leading 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 prefer to watch videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we go over the costs and what it can offer.
Before you go on, you may want to check out 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? Bigtime Nft Game
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you 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 started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever 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 marketplace are held by the 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 risking their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to music only. 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.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can gather avatars, digital pets and other characters that can be sold or collected. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT came to be. As of today it is possible to do the same with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
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 such as animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters, or even virtual lands. One popular instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. These are:
The seller is the one who will be charged the price that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
If you are looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when purchasing 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 OpenSea’s 2.5% cost reasonable.
However, you have to understand that some NFTs have higher transaction fees 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 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers receive up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or make a deposit. Bigtime Nft Game
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they are able to 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 has no centralization, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. Bigtime Nft Game
They also offer a range of digital asset, which makes them one of the largest NFT marketplaces. Low platform charges are also a good method to make more money.
Although it is decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Bigtime Nft Game
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser 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. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support team that can be reached via its contact forms. Just go to their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via the contact page. Go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and 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 to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, therefore they constantly change at regular intervals.