OpenSea has become one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing 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 lengthy. If you’d rather take a look at videos instead, check out the review of this channel. They will guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
For those who prefer to read, let’s look over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Color Star Technology Nft
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on the platform are owned by the users, not by the platform. Since they are an open marketplace, they have intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
If the transaction is completed your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you require is to 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 simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars, digital pets or any other characters that could be sold or acquired. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. In the present it is possible to create digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, like animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game elements and the VR environment virtual objects, characters, and even virtual land. One popular instance can be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
The seller will be the one who will be charged the price for the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will decrease over time. Sellers generally set high 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 agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 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 several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will depend 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 charge additional commissions. For instance, game designers receive 15 percent or more 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 will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit or debit cards to pay or deposit. Color Star Technology Nft
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Color Star Technology Nft
They also offer several types of digital asset, making it one of the biggest NFT marketplaces. The platform’s low charges are also a good method to make more money.
While it is decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Color Star Technology Nft
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via its contact forms. Visit their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, which means they change every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team you can contact through their contact form. Just go to their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, so they change from time to time.