OpenSea has become one of the leading markets for NFTs. It was the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is an extensive read. If you prefer to take a look at a video instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
If you prefer the written word, go through what it is prior to we go over the costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Ethernity Nft
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in 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 very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets on the platform are owned by users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is complete the digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
For those who are buyers you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music could be among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even older technology.
In the case of NFTs, you can gather avatars and digital pet, and other characters that can be traded or collected. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. In the present, you can also create digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, such as animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters and even virtual land. A popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post your products on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select among five selling options. They are:
The seller is the one who will be charged the price that is the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% cost affordable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be created as a valid, non-fungible token following the time 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.
You also need to know that some NFTs charge additional commissions. For example, game developers get up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or transfer funds. Ethernity Nft
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted 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 examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Ethernity Nft
They also offer several types of digital currency, which makes their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
While it is open source and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of 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 crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Ethernity Nft
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team that can be reached via its contact forms. Visit their website, and search at “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 add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, therefore they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it with your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through their contact form. Just go to their website, and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using 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 auction. It’s easy and gas-free but you could also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees 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 by the market, therefore they constantly change every now and then.