OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with a good marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is a long read. If you’d prefer to watch a video instead, take a look at this channel’s review. They will guide users through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you like to read, let’s go over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Halsey Nft
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was created in 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 very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets on this platform belong to the users, not by the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their search engine to find NFTs you’d like to buy. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets, or other characters that can be sold or acquired. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT became a reality. In the present you can make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses or other things such as game items and the VR environment characters, virtual objects or even virtual worlds. One popular illustration can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by 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 list your products on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller is the one to pay the price that is the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid 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 using the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost reasonable.
However, you must know that certain NFTs have higher transaction fees in comparison 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 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For example, game developers get 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. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment for or make a deposit. Halsey Nft
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 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 in NFTs even if you don’t have experience or knowledge about coding or blockchain. Halsey Nft
They also offer a range of digital asset, making them one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Although it is decentralized and offers one of the largest NFT collection, the service still has its 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 set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Halsey Nft
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, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through the contact page. Visit their official website and search for “Submit a request.”
Can you make 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 the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled with money to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via its contact forms. Go to their website, and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
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 has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, so they fluctuate at regular intervals.