OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. 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 interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from a good marketplace can help you get the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at videos instead, take a look at this channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like to read, let’s go through what it is prior to we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Lightroom 5 How To Import In Nft Format
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs available 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 began with the introduction of the first generation of digital collectible items. 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 a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars, virtual pets and other characters that can be traded or taken home. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT was invented. Today, you can also create digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards like those of Sorare or BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual lands. A popular illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains 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 need to do is list them in the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and auction type then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
You can currently select among five selling options. They are:
The seller will be the one who will be charged the cost of the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers usually set very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. 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 for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the transaction 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 are looking to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee reasonable.
But, it is important to understand that some NFTs have higher transaction charges 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 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers get as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need 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 for or deposit. Lightroom 5 How To Import In Nft Format
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that 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 that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Lightroom 5 How To Import In Nft Format
They also offer a range of digital currency, making their platform one of the biggest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Although it’s decentralized and offers one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support 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 increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Lightroom 5 How To Import In Nft Format
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 with your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via the contact page. Visit the official site and look at “Submit a request.”
Can you make 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. 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 gas fees?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they fluctuate from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via the contact page. Just go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s simple and free of gas, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, so they constantly change from time to time.