OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at videos instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s look over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Buy Nft Gulley Or Channel
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
If the transaction is completed your digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even the older technologies.
For NFTs, you can collect avatars, digital pets or other characters that can be sold or collected. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. Today it is possible to make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game objects as well as the VR environment virtual objects, characters or even virtual lands. A popular illustration can be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them on the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time gas fee.
You can currently select among five selling options. They are:
The seller will be the one who will be charged the price for the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. 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 to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the payment 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 several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent cost competitive.
But, it is important to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers receive 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
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 make use of PayPal, credit, or debit cards for payment or make a deposit. Buy Nft Gulley Or Channel
The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Buy Nft Gulley Or Channel
They also offer several types of digital currency, which makes them one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
Although it is decentralized and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent charge on your sales seems 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 Buy Nft Gulley Or Channel
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through their contact form. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, which means they constantly change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach through their contact form. Just go to their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can 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 sale. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, so they change every now and then.