OpenSea is now one of the leading markets for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been 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 watch videos instead, take a look at this channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer to read, let’s look through what it is prior to we go over the 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Buy Topps Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
If the transaction is complete your digital assets will never leave your account. Moreover, you aren’t required to make 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 purchase. There are filters that can aid in your search.
What kinds of NFTs are available to 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 take a closer examine each.
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an 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 movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or acquired. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT was invented. As of today it is possible to do the same with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters and even virtual land. A popular illustration can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the cost for the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller decides on a price which will fall over time. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint 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 can be included within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost reasonable.
However, you must know that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers get 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or transfer funds. Buy Topps Nft
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. Buy Topps Nft
They also provide a variety of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform charges are also a good way for you to make more money.
Although it’s decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Buy Topps Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through the contact page. Just go to their official website and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, therefore they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through its contact forms. Go to the official site and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should 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 to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they change from time to time.