OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start 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 this channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like the written word, look over what it is before we examine its costs and the benefits it offers.
Before you go on, you may want to watch 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 of OpenSea.
What is OpenSea? Jobs At Nft Consult
OpenSea is a marketplace for non-fungible currency, also known 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 established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed the digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars, virtual pets or any other characters that could be sold or taken home. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. In the present, you can also create digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, and even virtual land. A popular instance is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select among five selling options. These are:
The seller will be the one to charge the cost that is the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers receive as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments or transfer funds. Jobs At Nft Consult
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in coding or blockchain. Jobs At Nft Consult
They also offer several types of digital asset, which makes them one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.
Although it is open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Jobs At Nft Consult
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support staff that can be reached via their contact form. Just go to their official website and search for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
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 regular fees. Prices are determined through the marketplace, therefore they fluctuate at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach via its contact forms. Go to the official site and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free but you could also go through their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they constantly change at regular intervals.