OpenSea has grown to become one of the top markets for NFTs. It’s also the first to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can provide the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you’d prefer to take a look at videos instead, take a look at the review of this channel. They will guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll look through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Hp Prkp Rkvllnf N Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is complete your digital assets will never be removed from your account. 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 search engine to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer examine 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, beatsand vocals or anything else an artist offers. Many people even purchase background sounds 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 like baseball cards, movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars and digital pet or any other characters that could be traded or taken home. The more rare they are, the greater value they possess. 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 also create digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare or BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A popular instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. The choices are:
The seller will be the one to pay the cost for the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall in the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may 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 the minimum price. It’s opposite to the Dutch Auction, where the price decreases with time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee affordable.
However, you must understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will depend 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 have additional commissions. For instance, game designers get 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit or debit cards to pay for or deposit. Hp Prkp Rkvllnf N Nft
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they 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 secure and almost impossible to be swindled. Furthermore, it is easy to invest with NFTs even if there is no any experience or expertise in blockchain or coding. Hp Prkp Rkvllnf N Nft
They also offer several types of digital assets, which makes it one of the most popular NFT marketplaces. Low platform costs are also a great way for you to make more money.
While it is open source and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Hp Prkp Rkvllnf N Nft
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it 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. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via their contact form. Visit their website, and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, therefore they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Just go to their website, and search on the page for “Submit a request.”
Can you make money 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. If you’re ready for selling the items, post them for sale. It’s simple and free of gas, but you can also go through 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 offers one-time fees as well as periodic fees. Prices are determined through the marketplace, so they fluctuate from time to time.