OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at videos instead, take a look at the review of this channel. They’ll guide users through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s go through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Fantasy Football Nft
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
That means unless the transaction is complete your digital assets will never leave your account. In addition, you don’t have to create your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music may be one of the most well-known NFTs all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even old technology.
In the case of NFTs, you can gather avatars, digital pets, or any other characters that could be sold or taken home. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT came to be. As of today you can make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.
You can also collect digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual lands. A popular illustration is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now 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 selling options?
Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and auction type then you’re all set.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
The seller will be the one to pay the price that is the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you want to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 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, which makes the OpenSea’s 2.5 per cent cost competitive.
However, you must be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers get up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards for payment for or deposit. Fantasy Football Nft
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains 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 can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. Fantasy Football Nft
They also offer a range of digital assets, making them one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
Although it’s decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Fantasy Football Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via their contact form. Visit the official site and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach through its contact forms. Just go to the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
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 has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they constantly change every now and then.