OpenSea has become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you prefer to watch a video instead, you can check out the channel’s review. They’ll walk you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you prefer the written word, go over what it is before we look into its fees 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. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Foundation Nft Invite
OpenSea is a marketplace 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 NFTs available are not only limited to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is completed, your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even older technology.
For NFTs, you can gather avatars and digital pet or any other characters that could be sold or acquired. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. In the present you can do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards like those of Sorare or BCCG.
Sports-related digital items can also be collected like animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses or other things like game elements and the VR environment virtual objects, characters or even virtual lands. One popular example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is post them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
The seller is the one who will be charged the price for the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers generally set high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% fee affordable.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be created as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers receive 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or make a deposit. Foundation Nft Invite
The NFTs can be purchased or sold if your cryptocurrency 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 examine the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Foundation Nft Invite
They also offer several types of digital assets, making it one of the biggest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it is decentralized and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Foundation Nft Invite
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support team you can reach via the contact page. Just go to the official site and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to 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 regular fees. The price is determined through the marketplace, which means they constantly change from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via the contact page. Go to the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they change every now and then.