OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind over 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 other famous people have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has always been 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 quite a long read. If you’d rather take a look at a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you jump in with 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Does An Iphone Have Technology Nft
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, and even old technology.
In the case of NFTs, you can collect avatars, virtual pets and 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 sought-after NFT prior to when NFT was invented. Today it is possible to make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses, or other items such as game items as well as the VR environment characters, virtual objects and even virtual land. A well-known illustration can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples come 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 selling options?
Selling on OpenSea is easy. All you have to do is list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. The choices are:
The seller will be the one to charge the cost for the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent fee reasonable.
However, you must be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be minted as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers get up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards to pay for or make a deposit. Does An Iphone Have Technology Nft
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in blockchain or coding. Does An Iphone Have Technology Nft
They also offer a range of digital assets, which makes them one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Although it is open source and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Does An Iphone Have Technology Nft
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled up to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Go to their official website and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, therefore they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through the contact page. Visit their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are the gas prices?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, which means they fluctuate from time to time.