OpenSea has become one of the leading markets for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you’d rather watch videos instead, you can check out the channel’s review. They’ll walk you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Bucaneers Lions Nft Bite
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was founded 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 very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is complete the digital assets will never leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to search for NFTs that you’d like to buy. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or older technology.
In the case of NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or collected. The more rare they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT came to be. Today it is possible to create digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual worlds. A popular instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the 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 is the one to pay the cost of the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid when the auction closes 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 under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
However, you must understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market, but 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 up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit or debit cards for payment for or make a deposit. Bucaneers Lions Nft Bite
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of 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 drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about blockchain technology or programming. Bucaneers Lions Nft Bite
They also offer a range of digital currency, making it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Although it is decentralized and offers one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Bucaneers Lions Nft Bite
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes they do have a support team you can contact through the contact page. Just go to their website, and search 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 then add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, therefore they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through their contact form. Go to the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is 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, but you can also look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they change from time to time.