OpenSea is now one of the top marketplaces for NFTs. It was the first to launch a platform like this in the past. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will help you get the leverage you require. This is why we wrote this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is a long read. If you prefer to take a look at videos instead, check out the review of this channel. They will guide 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 look over the basics before we look into its fees and the benefits it offers.
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 our article for a more comprehensive review.
What is OpenSea? Coinbase Wallet Nft
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began 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 that only keeps expanding. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not the platform. Since they are an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.
Music could be among the most popular NFTs of all time. It’s not limited 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 and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
For NFTs, it is possible to collect avatars, digital pets, and other characters that can be sold or collected. 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 popular NFT, even before NFT came to be. Today, you can also create digital artworks. 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 the ones from Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters and even virtual land. One popular example is 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 can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select among five selling options. They are:
The seller is the one who will be charged the price for the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller determines a price that will fall over time. Sellers generally set expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price drops with time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually 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 be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you have to understand that some NFTs have higher transaction charges in comparison 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 can be costly. Your NFT collection will be created as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers receive up to 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, or debit cards to pay for or make a deposit. Coinbase Wallet Nft
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Coinbase Wallet Nft
They also offer a range of digital currency, making them one of the biggest NFT marketplaces. The low platform fees are also an excellent method to make more money.
Although it’s decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Coinbase Wallet Nft
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via their contact form. Go to their website, and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges 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. Prices are determined through the marketplace, therefore they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it with your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach through their contact form. Go to the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, therefore they constantly change at regular intervals.