OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you prefer to take a look at videos instead, take a look at this channel’s review. They will guide the user through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer the written word, go through what it is prior to we go over the costs and what it has to offer.
Before you go on, you may want to watch 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 of OpenSea.
What is OpenSea? Logan Paul Nft Card
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in 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 first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
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 that are listed on the platform are owned by users, not by the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to find NFTs you’d like to buy. They also have filters available to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even the older technologies.
For NFTs, you can collect avatars and digital pet and other characters that can be traded or acquired. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT became a reality. Today you can do the same with digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports are also available, such as animated team logos.
VR environments and components can be purchased. You can buy these metaverses or other things such as game items, the VR environment, characters, virtual objects or even virtual lands. 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 are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the price of the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost reasonable.
However, you have to understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be created as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers are paid 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, and debit card to make payments or deposit. Logan Paul Nft Card
The NFTs can be purchased or traded when your cryptocurrency is supported 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 benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Logan Paul Nft Card
They also offer a range of digital assets, which makes it one of the biggest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Although it’s decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Logan Paul Nft Card
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team can be reached via its contact forms. Go to their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, so they fluctuate every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through the contact page. Just go to the official site and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them 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. You pay a gas fee 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, which means they fluctuate at regular intervals.