OpenSea has become one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from a good marketplace can provide the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch videos instead, you can check out the channel’s review. They’ll walk the user 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 over the basics before we examine its costs 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Blindbox Nft
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is complete your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music is among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or older technology.
As for NFTs, you can gather avatars and digital pet or other characters that can be traded or collected. The more rare they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT was invented. As of today, you can also do the same with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters or even virtual worlds. A well-known example is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting 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 to list them in the marketplace. All you need to do is to ensure 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 subjected to a one-time fee for gas.
At present, you can select from five options for selling. They are:
The seller will be the one to pay the cost that is the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall over time. Sellers typically set up very expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee competitive.
However, you must know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers receive as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit or debit cards to pay or transfer funds. Blindbox Nft
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about coding or blockchain. Blindbox Nft
They also offer several types of digital currency, which makes their platform one of the biggest NFT marketplaces. Low platform costs are also a great way for you to make more money.
Although it is decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Blindbox Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team can be reached via their contact form. Visit their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser with your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through its contact forms. Visit their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy but you could also check out their tutorials.
What are gas fees?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they fluctuate from time to time.