OpenSea is now one of the leading platforms for NFTs. It was the first to launch a platform like this throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to watch videos instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer the written word, go through what it is prior to we look into its fees 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Commercial Nft Channel
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Because they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music could be 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 is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or the older technologies.
For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be traded or taken home. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. As of today you can make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters and even virtual land. A popular example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. 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 on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller will be the one to charge the price that is the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee competitive.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers are paid 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment for or make a deposit. Commercial Nft Channel
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Commercial Nft Channel
They also offer a range of digital currency, which makes it one of the largest NFT marketplaces. The low platform charges are also a good way for you to make more money.
Although it is decentralized and offers one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Commercial Nft Channel
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through their contact form. Visit the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, which means they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or 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 reach through its contact forms. Go to their official website and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, therefore they change every now and then.