OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an appropriate marketplace can help you get the leverage you require. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d prefer to watch a video instead, check out the channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
For those who prefer to read, let’s go over the basics before we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Closet Nft System
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, 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 the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, 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 bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is successful your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you have to do is 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 offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or older technology.
In the case of NFTs, it is possible to collect avatars, digital pets or other characters that can be traded or taken home. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. Today it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual lands. A popular example could be Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered 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 selling options?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject 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 cost that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers generally set 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 also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you must be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards to pay for or deposit. Closet Nft System
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. Closet Nft System
They also provide a variety of digital currency, which makes it one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it is decentralized and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to 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 transact without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Closet Nft System
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through their contact form. Just go to their official website and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at 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?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through its contact forms. Just go to their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs 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 prices are driven by the market, therefore they fluctuate at regular intervals.