OpenSea has become one of the most popular markets for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth since 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 beginning with an appropriate marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is a long read. If you’d rather watch videos instead, check out this channel’s review. They’ll walk you through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you prefer to read, let’s look over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Harry Potter Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. 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 offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s examine each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even older technology.
As for NFTs, it is possible to collect avatars and digital pet and other characters that can be traded or taken home. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. In the present, you can also do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters, or even virtual lands. A popular illustration is Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them in the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller is the one who will be charged the cost that is the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller decides on a price which will decrease over time. Sellers usually set very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items are available within the package.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% fee reasonable.
However, you have to know that certain 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 of the required 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market conditions, however 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 are paid 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or deposit. Harry Potter Nft
The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. Harry Potter Nft
They also offer several types of digital asset, making it one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
While it is open source and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Harry Potter Nft
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team can be reached via the contact page. Go to their website, and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, which means they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it with your mobile phone, the browsers should work 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 you can contact through the contact page. Visit their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, therefore they fluctuate every now and then.