OpenSea is now one of the top markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can provide the leverage you require. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you’d rather take a look at videos instead, check out the channel’s review. They’ll walk users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer reading, we’ll 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Middlehouse Systems Nft
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in the marketplace are held by users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is successful, your digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to search for NFTs that you’d like to buy. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can collect avatars, virtual pets, or other characters that can be sold or acquired. The more rare they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT was invented. As of today it is possible to make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as videos of short length.
You can also collect digital trading cards such as those from Sorare or BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment characters, virtual objects or even virtual lands. A popular illustration is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. They are:
The seller is the one who will be charged the price of the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers generally set high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the bid 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 want to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be about $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 on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or transfer funds. Middlehouse Systems Nft
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Middlehouse Systems Nft
They also provide a variety of digital currency, making it one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
While it is open source and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Middlehouse Systems Nft
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach via its contact forms. Go to their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, therefore they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via their contact form. Go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees 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 prices are driven in accordance with the current market conditions, which means they change every now and then.