OpenSea has become one of the top platforms for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to watch a video instead, check out the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer the written word, go over the basics before we go over the costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? How Bid Should An Nft Sytem Be For 4X4 Tent
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
If the transaction is successful your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music
Music could be among the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars, virtual pets and other characters that can be traded or acquired. The rarer they are the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT since before NFT came to be. As of today it is possible to create digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
Sports
Sports-related digital items are also available, such as animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters, or even virtual worlds. One popular illustration is Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and the type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. These are:
Fixed Price
The seller is the one to charge the cost that is the NFT. As the name implies the price never changes.
Dutch Auction
In the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller will put 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. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
Bundles
If you are looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you must know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be issued as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers get as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
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 your cryptocurrencies into cash. That also means you cannot use PayPal credit and debit card to make payments for or transfer funds. How Bid Should An Nft Sytem Be For 4X4 Tent
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. How Bid Should An Nft Sytem Be For 4X4 Tent
They also offer a range of digital currency, which makes them one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Cons
Although it is open source and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ How Bid Should An Nft Sytem Be For 4X4 Tent
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes they have a customer support team can be reached via their contact form. Just go to their official website and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s easy and gas-free 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 funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, so they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team you can reach via their contact form. Go to their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
These are transactions charges from 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 in accordance with the current market conditions, which means they constantly change from time to time.
