OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can provide the leverage you require. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d rather watch videos instead, you can check out the review of this channel. They will guide users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll look through what it is prior to 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Gary B Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency 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. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
If the transaction is completed the digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers you can use their search engine to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at 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, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even the older technologies.
As for NFTs, you can collect avatars, digital pets or other characters that can be sold or taken home. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT came to be. In the present you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports are also available, like animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known instance can be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to 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 list your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the 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 among five selling options. These are:
The seller is the one who will be charged the price of the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers receive up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as 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. This means that you can’t use PayPal, credit, and debit card to make payments or transfer funds. Gary B Nft
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets 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 drawbacks that come with using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about blockchain technology or programming. Gary B Nft
They also offer a range of digital asset, which makes it one of the most popular NFT marketplaces. The low platform costs are also a great way for you to earn more income.
Although it is open source and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Gary B Nft
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via the contact page. Just go to the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, which means they constantly change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can reach through its contact forms. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then 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 can also go through their tutorials.
What are gas fees?
The gas fees refer to 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. The prices are driven through the marketplace, which means they change from time to time.