OpenSea is now one of the leading platforms for NFTs. It’s also the first one 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 also more well-known since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d rather take a look at videos instead, check out the review of this channel. They’ll walk you through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you like reading, we’ll look over what it is before we look into its fees and what it can 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’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Grade 5 Nft 1/2X4 Inch
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets on the platform are owned by the users, not the platform. Because they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, and even old technology.
For NFTs, it is possible to collect avatars, digital pets or other characters that can be traded or acquired. The more rare they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT was invented. As of today it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as videos of short length.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual lands. A well-known example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being 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 have to do is post your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one to charge the price for the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller sets a price that will fall over time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price decreases over time. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent cost affordable.
However, you have to understand that some NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers receive 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or make a deposit. Grade 5 Nft 1/2X4 Inch
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages 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 there is no experience or knowledge about coding or blockchain. Grade 5 Nft 1/2X4 Inch
They also offer several types of digital asset, making them one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
While it is open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Grade 5 Nft 1/2X4 Inch
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via its contact forms. Go to their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create 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 accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through its contact forms. Go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, therefore they change at regular intervals.