OpenSea has become one of the top marketplaces for NFTs. It was the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you’d rather take a look at a video instead, you can check out the channel’s review. They’ll guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you prefer the written word, look over what it is before we examine its costs and what it has to 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 the article for a more comprehensive review.
What is OpenSea? Digital Trading Cards Nft
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which 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. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is successful the digital assets will never leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to buy. They also have filters available to simplify your search.
What types 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 are typically placed. Let’s take a closer examine each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars and digital pet, and other characters that can 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 among the most popular NFT, even before NFT came to be. As of today, you can also make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game elements, the VR environment, virtual objects, characters, and even virtual land. A well-known example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is post them on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. They are:
The seller is the one to charge the price that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers usually set very high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available 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. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost affordable.
But, it is important to know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers are paid up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards for payment for or deposit. Digital Trading Cards Nft
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using 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 take a look at the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Digital Trading Cards Nft
They also offer several types of digital assets, which makes it one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it is open source and has one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Digital Trading Cards Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet 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 reach via the contact page. Go to their official 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 need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. 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 fees 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 price is determined through the marketplace, which means they fluctuate at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through its contact forms. Just go to the official site and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, which means they constantly change from time to time.