OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d rather watch a video instead, you can check out the channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer to read, let’s look over the basics before we go over the costs 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Cyberpunk Nft
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was founded 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 collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets on the platform are owned by the users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. Some even buy 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, and even the older technologies.
For NFTs, you can collect avatars, digital pets and other characters that can be sold or taken home. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT was invented. In the present, you can also create digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
It is also possible to 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 spaces and elements can now also be bought. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual worlds. A well-known illustration can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now 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 options for selling?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select from five options for selling. These are:
The seller will be the one to charge the price that is the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers generally set expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent fee affordable.
However, you have to know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be created as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers get as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. Cyberpunk Nft
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Cyberpunk Nft
They also provide a variety of digital asset, which makes it one of the largest NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Although it is decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores could charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Cyberpunk Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via their contact form. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
These are transactions 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 by the market, therefore they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through the contact page. Go to their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, so they change from time to time.