OpenSea is now one of the leading platforms for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you prefer to take a look at videos instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go through what it is prior to we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? List Nft Team Draft Picks In 2021
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music is among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
For NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or acquired. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. Today, you can also create digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects or even virtual worlds. A well-known illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased 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 have to do is list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. They are:
The seller will be the one who will be charged the cost for 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 fall over time. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be created as a valid non-fungible token once your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers get up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay for or make a deposit. List Nft Team Draft Picks In 2021
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of 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 of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. List Nft Team Draft Picks In 2021
They also offer a range of digital asset, making them one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
While it is open source and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea is 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 transact without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ List Nft Team Draft Picks In 2021
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through its contact forms. Just go to the official site and search 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 an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, so they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support team you can reach through its contact forms. Go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, therefore they constantly change every now and then.