OpenSea has become one of the leading markets for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at videos instead, check out the review of this channel. They’ll walk you through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go over the basics before we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Medical Foundation Nft
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your account. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, and even older technology.
For NFTs, you can gather avatars and digital pet or other characters that can be sold or taken home. The more rare they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT was invented. Today it is possible to create digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected, for example, 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 and the VR environment virtual objects, characters, or even virtual lands. A popular example is Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be 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 easy. All you need to do is list them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select among five selling options. They are:
The seller will be the one to charge the cost for the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fall in time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee competitive.
However, you must know that certain NFTs have higher transaction charges as compared 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.
In addition, trading on Etheruem can be costly. Your NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers are paid as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit or debit cards for payment for or make a deposit. Medical Foundation Nft
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains 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 drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about blockchain or coding. Medical Foundation Nft
They also offer several types of digital asset, which makes their platform one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to make more money.
While it is open source and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Medical Foundation Nft
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support staff that can be reached via their contact form. Go to their official website and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, which means they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via its contact forms. Just go to their website, and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free but you could also go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, so they fluctuate from time to time.