OpenSea is now one of the leading markets for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to take a look at a video instead, check out the channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we examine its 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. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Jewelry 3 Chain Necklace Marked Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established 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 very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to the users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, or old technology.
For NFTs, you can collect avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT became a reality. In the present it is possible to create digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare as well as BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses and other things like game objects and the VR environment virtual objects, characters or even virtual worlds. One popular instance is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to 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 have to do is list them in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. They are:
The seller is the one to charge the price of the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers 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 for sale and will list the minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be minted as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. Jewelry 3 Chain Necklace Marked Nft
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the 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 look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Jewelry 3 Chain Necklace Marked Nft
They also offer several types of digital assets, which makes it one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
While it is decentralized and offers one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Jewelry 3 Chain Necklace Marked Nft
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team can be reached via the contact page. Go to their official website and search for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Just go to their official website and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, so they constantly change from time to time.