OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will help you get the leverage you require. This is why we wrote this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d rather watch videos instead, take a look at this channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
For those who prefer reading, we’ll go through what it is prior to we look into its fees 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 review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Bootleg Nft January 15 2021
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Because they’re an open marketplace, they use smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is completed your digital assets will never leave your wallet. In addition, you don’t have to create your account. All you require is to 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 like to buy. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or old technology.
For NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or taken home. The more rare they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. Today you can create digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses and 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 far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased 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 simple. All you need to do is post your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one who will be charged the price for the NFT. Just as the name suggests the price never changes.
For the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price drops over time. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers get up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, and debit card to make payments for or transfer funds. Bootleg Nft January 15 2021
The NFTs can only be purchased or traded if your cryptocurrency is supported 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 look at the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain or coding. Bootleg Nft January 15 2021
They also offer several types of digital assets, which makes their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
While it is decentralized and offers one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Bootleg Nft January 15 2021
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via their contact form. Visit the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using 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. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, therefore they constantly change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Go to the official site and search at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they constantly change every now and then.