OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can help you get 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 go on our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at a video instead, check out the review of this channel. They’ll walk you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll look through what it is prior to we look into its fees and the benefits it offers.
Before you go on, 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.
What is OpenSea? Kings Of Leon New Album Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first 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 most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not by the platform. Since they are an open marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is successful, your digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or older technology.
For NFTs, you can collect avatars, digital pets or other characters that can be sold or taken home. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. As of today it is possible to do the same with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.
It is also possible to collect digital trading cards such as those from Sorare and BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters and even virtual land. A popular illustration can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one to pay the price of the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers are paid 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or deposit. Kings Of Leon New Album Nft
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 examine the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in blockchain technology or programming. Kings Of Leon New Album Nft
They also offer a range of digital currency, making it one of the largest NFT marketplaces. Low platform charges are also a good way for you to make more money.
While it is open source and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Kings Of Leon New Album Nft
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Go to the official site and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. 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. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through their contact form. Just go to their website, and search for “Submit a request.”
Do you have the ability 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 sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, therefore they fluctuate at regular intervals.