OpenSea has become one of the leading markets for NFTs. It’s also the first one 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 even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from a good marketplace can provide the leverage you require. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, check out the channel’s review. They will guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll look over the basics before we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Kogs Nft
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, 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 founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking their NFT ownership.
If the transaction is successful your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a examine each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even older technology.
In the case of NFTs, you can collect avatars, digital pets or other characters that can be traded or collected. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT came to be. As of today it is possible to create digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
You can also collect digital trading cards, such as those from Sorare and BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual worlds. A popular instance could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by 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 to list your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select from 5 selling options. These are:
The seller is the one to charge the cost that is the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy 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, making OpenSea’s 2.5% cost affordable.
However, you must be aware that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards to pay for or transfer funds. Kogs Nft
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in blockchain or coding. Kogs Nft
They also offer several types of digital currency, making their platform one of the largest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it is open source and has one of the most diverse NFT collection, the service still has some 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.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater 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 transact without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Kogs Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Visit the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up 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. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, therefore they change at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through its contact forms. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, therefore they change every now and then.