OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to release such a platform over the years. It has 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 curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will help you get the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d prefer to take a look at videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer to read, let’s look through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Elijah Shumate Nft
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of 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.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your account. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to look for NFTs you’d like to buy. They also have filters available to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards film props, and even old technology.
As for NFTs, you can collect avatars, virtual pets or other characters that can be traded or taken home. The more rare they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. In the present you can create digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards such as those of Sorare and BCCG.
Digital items related to sports are also available, like animated team logos.
VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters, and even virtual land. One popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller will be the one to pay the cost for the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% cost competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be created as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers are paid up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional 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. This means that you can’t make use of PayPal credit, debit, or debit cards to pay or deposit. Elijah Shumate Nft
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Elijah Shumate Nft
They also offer a range of digital currency, making it one of the largest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it is decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Elijah Shumate Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through their contact form. Go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, which means 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 utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through its contact forms. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also check out their tutorials.
What are the costs for gas?
These are transactions 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 price is determined by the market, so they change at regular intervals.