OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will help you get the leverage you require. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you prefer to take a look at videos instead, take a look at the channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go over the basics before we examine its costs and what it can offer.
Before you continue, 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Fortnite Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, 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 the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by users, not the platform. Since they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers you can use their browser to look for NFTs you’d like to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.
As for NFTs, you can gather avatars and digital pet, or any other characters that could be traded or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT was invented. As of today you can do the same with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even short video clips.
You can also collect digital trading cards such as those of Sorare as well as BCCG.
The digital objects associated with sports are also available, 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 elements, the VR environment, virtual objects, characters and even virtual land. A popular illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific features. Examples are 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 shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller will be the one who will be charged the price for the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers generally set expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and lists the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost competitive.
But, it is important to know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market, but you can expect it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For example, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment or transfer funds. Fortnite Nft
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains 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 disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about blockchain or coding. Fortnite Nft
They also offer several types of digital currency, which makes their platform one of the most popular NFT marketplaces. 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 crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Fortnite Nft
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through the contact page. Just go to their official website and look at “Submit a request.”
Can you mint 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 them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, therefore they constantly change every now and then.
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 on your mobile phone, the browsers should work 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 staff?
Yes they do have a support team that you can reach via the contact page. Visit their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, which means they change at regular intervals.