OpenSea has grown to become one of the leading platforms for NFTs. It was the first to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will provide the leverage you require. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d rather take a look at videos instead, check out this channel’s review. They’ll walk you through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like to read, let’s go over what it is before we examine its costs and what it has to offer.
Before you go on, 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 our article for a more comprehensive review.
What is OpenSea? Jack Black Nft
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was created in the year 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 very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by 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 having to risk losing their NFT ownership.
That means unless the transaction is completed your digital assets won’t leave your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or old technology.
In the case of NFTs, it is possible to collect avatars, digital pets, and other characters that can be sold or taken home. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT was invented. Today you can create digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters or even virtual lands. A well-known instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from 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. You only have to ensure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller will be the one to charge the cost of the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller sets a price that will decrease over time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold on the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% cost affordable.
However, you must know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot 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. This means that you can’t use PayPal credit or debit cards for payment or transfer funds. Jack Black Nft
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Jack Black Nft
They also offer a range of digital currency, which makes their platform one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Jack Black Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support staff that can be reached via their contact form. Go to the official site and search at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then 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 look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they change from time to time.
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 using it on your phone on the go, your browsers should work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
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 also mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, therefore they change at regular intervals.