OpenSea is now one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from a good marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d prefer to watch videos instead, take a look at the channel’s review. They will guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like reading, we’ll look through what it is prior to we go over the 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Ethereum Game Leveling Nft
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not 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 collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer examine each.
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. 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 like baseball cards, movie props, or even older technology.
As for NFTs, it is possible to collect avatars, virtual pets, or other characters that can be sold or acquired. The rarer they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. Today it is possible to make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports can also be collected, like animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters or even virtual worlds. A well-known instance is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is to list them in the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and type of auction then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
You can currently select among five selling options. These are:
The seller will be the one to charge the price of the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers generally set high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the payment 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, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. Similar to how regular 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% fee affordable.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional 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, debit, or debit cards to pay for or transfer funds. Ethereum Game Leveling Nft
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they can 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, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Ethereum Game Leveling Nft
They also offer several types of digital assets, making it one of the largest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it’s open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Ethereum Game Leveling Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via the contact page. Visit their official website and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via the contact page. Go to the official site and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, therefore they constantly change at regular intervals.