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 has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d rather watch a video instead, take a look at the review of this channel. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll look over the basics before we examine its costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Mark Cuban Nft
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can utilize their website to look for NFTs you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s take a closer look at each.
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can collect avatars, virtual pets, or any other characters that could be sold or acquired. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. As of today you can do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as small video clip clips.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses and other things such as game items and the VR environment characters, virtual objects or even virtual lands. A popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select among five selling options. The choices are:
The seller is the one to charge the price that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. 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 a minimum price. This is in contrast to the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost affordable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers are paid up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment or deposit. Mark Cuban Nft
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. Mark Cuban Nft
They also provide a variety of digital asset, which makes it one of the most popular NFT marketplaces. Low platform fees are also an excellent method to earn more income.
Although it is open source and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Mark Cuban Nft
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team 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 mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, which means they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Visit their website, and look at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, therefore they constantly change from time to time.