OpenSea has become one of the most popular platforms for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from a good marketplace can give you the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you’d rather watch videos instead, take a look at the channel’s review. They will guide users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer the written word, look through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Globose Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or the older technologies.
For NFTs, you can collect avatars, digital pets, and other characters that can be traded or acquired. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT came to be. As of today it is possible to do the same with digital artworks. It’s not limited to digital illustrations or paintings. 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 the ones from Sorare or BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR space and other elements can be purchased. You can buy these metaverses, or other items like game elements as well as the VR environment characters, virtual objects and even virtual land. A well-known illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. 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 your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select among five selling options. They are:
The seller is the one to pay the price that is the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee competitive.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers are paid up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or make a deposit. Globose Nft
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with 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 that come with using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Globose Nft
They also provide a variety of digital currency, which makes it one of the most popular NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is the reason it is so appealing 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 decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Globose Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through the contact page. Go to the official site and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, which means they fluctuate at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through the contact page. Just go to their official website and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they fluctuate from time to time.