OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an appropriate marketplace can give you the leverage you require. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, you can check out the channel’s review. They’ll guide the user through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer the written word, look through what it is prior to we look into its fees and what it has to offer.
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? Jobs At Nft Consult Uganda
OpenSea is a marketplace that deals in 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 that are available aren’t limited to music, art game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their browser to look for NFTs you’d like to buy. They also have filters available to simplify your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars and digital pet or any other characters that could be traded or acquired. The more rare they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT came to be. Today, you can also do the same with digital artworks. 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, such as those from Sorare and BCCG.
Sports-related digital items are also available, such as animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses, or other items such as game items, the VR environment, virtual objects, characters and even virtual land. One popular example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select among five selling options. They are:
The seller will be the one who will be charged the cost that is the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers usually set very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee affordable.
But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or transfer funds. Jobs At Nft Consult Uganda
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they can 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 can be decentralized which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. Jobs At Nft Consult Uganda
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Although it’s open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Jobs At Nft Consult Uganda
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support staff that can be reached via their contact form. Visit their official website and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using 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 auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, therefore they constantly change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through its contact forms. Go to their website, and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy but you could also go through their tutorials.
What are the costs for gas?
These are transactions fees 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. Prices are determined by the market, so they change at regular intervals.