OpenSea is now one of the top platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to take a look at a video instead, take a look at the review of this channel. They will guide users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
For those who prefer to read, let’s look through what it is prior to we examine its costs and what it has to offer.
Before you continue, you may want to check out 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? Fence Post Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets that are listed on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is successful your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to buy. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase 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.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can collect avatars, digital pets or other characters that can be traded or acquired. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT was invented. Today you can make the same thing with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
There is also the possibility of collecting digital trading cards such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected, like animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses, or other items such as game items as well as the VR environment virtual objects, characters or even virtual worlds. One popular example could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post them in the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
The seller is the one to pay the price of the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller decides on a price which will fall over time. Sellers usually set very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list the minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea you 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 5percent commission per sale, making OpenSea’s 2.5% fee reasonable.
However, you must know 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 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers get 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or make a deposit. Fence Post Nft
The NFTs are only able to be purchased or sold 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 examine the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. Fence Post Nft
They also offer several types of digital assets, making their platform one of the most popular NFT marketplaces. The low platform charges are also a good opportunity 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 cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also 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 can be described as an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Fence Post Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via the contact page. Just go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
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 to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they constantly change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Go to their official website and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, which means they fluctuate every now and then.