OpenSea has become one of the leading marketplaces for NFTs. It’s also the first one to launch a platform like this over the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you prefer to watch videos instead, take a look at the review of this channel. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer the written word, go through what it is prior to we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Matt Furie Nft
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was founded in 2018 with the help of 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 first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music is among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or older technology.
For NFTs, it is possible to collect avatars, digital pets, or any other characters that could be sold or acquired. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. Today, you can also do the same with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
You can also collect digital trading cards, such as those of Sorare or BCCG.
Sports-related digital items can also be collected, such as animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things like game objects as well as the VR environment characters, virtual objects and even virtual land. A popular example could be Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller is the one who will be charged the price that is the NFT. Like the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over the course of. Sellers usually set very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only 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 conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or deposit. Matt Furie Nft
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they can 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 when using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. Matt Furie Nft
They also offer several types of digital assets, making them one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it’s decentralized and offers one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Matt Furie Nft
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via the contact page. Go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, which means they change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has 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. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via their contact form. Just go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are the costs for gas?
These are transactions fees from 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, therefore they change at regular intervals.