OpenSea has become one of the leading markets for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an established marketplace will give you the leverage you require. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at 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 dive into NFT trading.
If you prefer reading, we’ll look over what it is 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Fat Apple Nft Myers
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is complete your digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to find NFTs you’d like to buy. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even the older technologies.
For NFTs, you can gather avatars, virtual pets and other characters that can be traded or collected. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT came to be. As of today you can make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual worlds. A popular instance can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select among five selling options. They are:
The seller is the one to charge the cost for the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent fee affordable.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token once your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each 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 items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or deposit. Fat Apple Nft Myers
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. Fat Apple Nft Myers
They also offer several types of digital asset, making them one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
While it is decentralized and offers one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Fat Apple Nft Myers
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via the contact page. Visit their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via its contact forms. Go to the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee 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, so they constantly change at regular intervals.