OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed an curiosity. 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 provide the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d prefer to watch videos instead, check out the channel’s review. They’ll guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you like the written word, look 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Magicjack And Ligowave Nft
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is successful your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d like to buy. There are filters that can aid in your search.
What types of NFTs are available 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 take a closer examine each.
Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or older technology.
In the case of NFTs, you can gather avatars and digital pet, and other characters that can be sold or taken home. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT came to be. Today, you can also create digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare or BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters or even virtual lands. A well-known illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and type of auction 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 is the one to pay the price for the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee competitive.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will be issued as a valid non-fungible token following the time your NFT bid has been 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 some NFTs have extra commissions. For instance, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment or transfer funds. Magicjack And Ligowave Nft
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Magicjack And Ligowave Nft
They also offer several types of digital asset, making their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it’s open source and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Magicjack And Ligowave Nft
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via the contact page. Just go to their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, which means they change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it through your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Just go to their official website and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, therefore they change from time to time.