OpenSea has become one of the top marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is lengthy. If you prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll go over what it is before we examine its costs 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.
What is OpenSea? Linkedin Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your account. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can utilize their website to find NFTs you’d like to buy. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars, virtual pets and other characters that can be sold or acquired. The rarer they are the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT was invented. In the present, you can also do the same with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. One popular instance can be Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list them in the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid 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. These are:
The seller will be the one who will be charged 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 decides on a price which will decrease over the course of. Sellers generally set expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee affordable.
However, you must understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market, but you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards to pay for or transfer funds. Linkedin Nft
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. Linkedin Nft
They also provide a variety of digital asset, which makes them one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it’s open source and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Linkedin Nft
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via the contact page. Go to the official site and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through its contact forms. Visit their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also look over their instructional videos.
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 regular fees. Prices are determined through the marketplace, so they change from time to time.