OpenSea has become one of the leading markets for NFTs. It was the first to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, check out the review of this channel. They will guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go over what it is before we examine its costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Cbc Nft
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available 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 started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on this platform belong to users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
That means unless 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 need is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to find NFTs you’d like to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand 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 individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or acquired. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT came to be. Today, you can also create digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR spaces and elements can be purchased. You can 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 illustration can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is post your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. They are:
The seller is the one to charge the cost for the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers typically set up very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in 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 as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost affordable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers receive as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, or debit cards to pay or make a deposit. Cbc Nft
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the 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 of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. Cbc Nft
They also provide a variety of digital asset, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it’s decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. In addition, it doesn’t cost you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces 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 Cbc Nft
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through the contact page. Go to their official website and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach through their contact form. Visit their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, which means they fluctuate every now and then.