OpenSea is now one of the most popular markets for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you prefer to take a look at videos instead, check out this channel’s review. They’ll guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s go through what it is prior to we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Liquid Media Group Nft
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets on this platform belong to users, not by the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music could be among the most popular 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 such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even the older technologies.
For NFTs, you can collect avatars, digital pets and other characters that can be traded or acquired. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. As of today it is possible to do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
You can also collect digital trading cards such as those of Sorare and BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters and even virtual land. One popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller will be the one to pay the cost that is the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers generally set high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost reasonable.
However, you must understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers receive up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or make a deposit. Liquid Media Group Nft
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they 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 that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Liquid Media Group Nft
They also offer several types of digital asset, which makes them one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Liquid Media Group Nft
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via their contact form. Go to their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, which means they constantly change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach through its contact forms. Just go to their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt 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 constantly change every now and then.