OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using 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 most popular NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. 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 fully aware before you dive into NFT trading.
If you prefer reading, we’ll go over what it is before we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Diy Pvc Nft System
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them 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 the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their search engine to search for NFTs that you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s review of each.
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or the older technologies.
In the case of 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 have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT was invented. As of today you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters, and even virtual land. A well-known instance can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is post your products on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from five options for selling. They are:
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller sets 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. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items are available within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you must be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers get up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit or debit cards to pay for or transfer funds. Diy Pvc Nft System
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains 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 when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in blockchain technology or programming. Diy Pvc Nft System
They also offer several types of digital asset, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
While it is open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat 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 purchase on the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Diy Pvc Nft System
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Go to their website, and search on the page for “Submit a request.”
Can you 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. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they constantly change from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Go to the official site and search for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they constantly change from time to time.