OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can give you the leverage you require. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at a video instead, check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll go over the basics before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Bootleg Nft Definition
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was founded 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 one of the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is successful, your digital assets will never leave your account. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
For those who are buyers you can use their search engine to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars, virtual pets, and other characters that can be sold or acquired. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT was invented. Today you can make the same thing with digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects or even virtual lands. One popular instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller is the one to pay the cost of the NFT. Just as the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over the course of. Sellers usually set very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT to sell and list the minimum price. This is in contrast to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% cost competitive.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, and debit card to make payments or transfer funds. Bootleg Nft Definition
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Bootleg Nft Definition
They also offer a range of digital currency, making their platform one of the biggest NFT marketplaces. The platform’s low 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 has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Bootleg Nft Definition
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through its contact forms. Visit their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, so they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it with your mobile phone, the browsers must 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 has a support team?
Yes, they have a support team that you can reach through its contact forms. Visit the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. 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 from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they fluctuate from time to time.