OpenSea has grown to become one of the top platforms for NFTs. It’s also the first one to launch a platform like this over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you’d rather watch videos instead, check out the channel’s review. They will guide you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like the written word, look through what it is prior to we look into its fees and what it can offer.
Before you go on, you may want to watch 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 of OpenSea.
What is OpenSea? Cuban Nft
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
If the transaction is completed, your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their search engine to find NFTs you’d like to purchase. They also offer filters to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, or older technology.
For NFTs, you can collect avatars, digital pets, or other characters that can be traded or taken home. 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 well-known NFT since before NFT became a reality. As of today you can do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters or even virtual lands. One popular instance could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be 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 on OpenSea is simple. All you have to do is to list them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller will be the one to pay the price that is the NFT. As the name implies it is not subject to change.
For the Dutch Auction, the seller sets a price that will decrease over time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a 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 will decrease over time. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent cost affordable.
However, you have to understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be issued as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit and debit card to make payments for or make a deposit. Cuban Nft
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in blockchain or coding. Cuban Nft
They also provide a variety of digital currency, which makes their platform one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Although it is decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Cuban Nft
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through its contact forms. Visit their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, so they change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via the contact page. Go to their website, and look at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, which means they fluctuate at regular intervals.