OpenSea is now one of the leading marketplaces for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will help you get the leverage you need. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, take a look at the review of this channel. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll look over the basics before we look into its fees and what it has to offer.
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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Holiday In Nft Myers
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was founded in the year 2018 with the help of 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, a concept that is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of 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 find NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful your digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they usually belong. Let’s review of each.
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even older technology.
For NFTs, it is possible to collect avatars, digital pets, or any other characters that could be traded or collected. The rarer they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. Today you can make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters or even virtual worlds. A well-known example is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select among five selling options. The choices are:
The seller is the one to charge the cost for the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will decrease in time. Sellers usually set very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. This is in contrast to that of the Dutch Auction, where the price drops over time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers are paid up to 15% as commissions for 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 own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards for payment or transfer funds. Holiday In Nft Myers
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the 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 examine the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about blockchain or coding. Holiday In Nft Myers
They also offer several types of digital asset, making it one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it’s open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Holiday In Nft Myers
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via the contact page. Just go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to 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 regular fees. Prices are determined by the market, therefore they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Just go to the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, which means they change every now and then.