OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to watch a video instead, check out this channel’s review. They’ll guide the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer the written word, go through what it is prior to we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Broadway Bootleg Nft
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by the users, not by the platform. Since they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is complete your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars, virtual pets, and other characters that can be traded or collected. The more rare they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. Today, you can also create digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items can also be collected, such as animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A well-known example can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as 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 easy. All you need to do is list your products on the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and auction type, you’re good 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.
You can currently select from 5 selling options. The choices are:
The seller will be the one to pay the price of the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers usually set very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. It’s opposite to that of 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 can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers get up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards to pay for or deposit. Broadway Bootleg Nft
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Broadway Bootleg Nft
They also offer several types of digital asset, making them one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it is open source and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and unusual, 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 variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Broadway Bootleg Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it on your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through the contact page. Go to the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. 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 fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they fluctuate 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, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through the contact page. Just go to their official website and look for “Submit a request.”
Can you earn 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 auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, therefore they change from time to time.