OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this over the years. It’s seen rapid growth since blockchain and NFT are becoming more 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 looking to invest through NFTs beginning with an appropriate marketplace can give you the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d prefer to watch videos instead, check out this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s look over the basics before we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? How To Turn Ft Into Cash
OpenSea is a marketplace that deals in non-fungible currency, also known 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 only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is 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 list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your wallet. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars, digital pets, or any other characters that could be traded or collected. The more rare they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT came to be. In the present you can create digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare and BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses and other things such as game items, the VR environment, virtual objects, characters and even virtual land. A well-known instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples are 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 by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose among five selling options. The choices are:
The seller is the one to pay the cost for the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding 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.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% fee reasonable.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for 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 only be created 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.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary 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 for payment for or deposit. How To Turn Ft Into Cash
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains 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 of using OpenSea.
OpenSea is decentralized, making 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 To Turn Ft Into Cash
They also offer a range of digital currency, making it one of the largest NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for transactions using currencies such as 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 have been expanding over the past few years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ How To Turn Ft Into Cash
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via the contact page. Go to their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, therefore they constantly change every now and then.