OpenSea has grown to become one of the top markets for NFTs. It was the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will give you the leverage you require. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you prefer to watch videos instead, you can check out the review of this channel. They will guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like to read, let’s look over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? How Many Cu Nft Is A 60 Lb Bag Of Sakrete Cement
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets on the marketplace are held by the users, not the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
If the transaction is successful your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you require is to 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. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, you can gather avatars, virtual pets, or any other characters that could be sold or taken home. The more rare they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT was invented. In the present you can do the same with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects or even virtual lands. One popular example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as 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 your products on OpenSea is simple. All you need to do is post them on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the cost of the NFT. As the name implies it is not subject to change.
For the Dutch Auction, the seller decides on a price which will decrease over time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price drops 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 when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% fee competitive.
However, you must be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the 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 certain NFTs earn additional commissions. For instance, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary 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 and debit card to make payments or transfer funds. How Many Cu Nft Is A 60 Lb Bag Of Sakrete Cement
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. How Many Cu Nft Is A 60 Lb Bag Of Sakrete Cement
They also offer a range of digital assets, which makes them one of the most popular NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it’s decentralized and offers one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ How Many Cu Nft Is A 60 Lb Bag Of Sakrete Cement
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via their contact form. Just go to their official website and search for “Submit a request.”
Are you able to 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, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can use. In the event that you’re using it with your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through their contact form. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, which means they constantly change every now and then.