OpenSea has grown to become one of the leading markets for NFTs. It was the first 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 an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, check out the review of this channel. They will guide you through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll go through what it is prior to we look into its fees 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Monkey Nft
OpenSea provides a platform that deals in non-fungible tokens, 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 got started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
It is now 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 list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in the marketplace are held by the users, not by the platform. Since they’re an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is completed your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even the older technologies.
For NFTs, you can gather avatars and digital pet or other characters that can be traded or acquired. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT came to be. As of today, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses or other things like game elements and the VR environment virtual objects, characters, and even virtual land. One popular example is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be 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 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 ensure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
The seller is the one who will be charged the price that is the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you must understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will depend 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 additional commissions. For instance, game designers are paid as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or make a deposit. Monkey Nft
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Monkey Nft
They also offer several types of digital assets, which makes their platform one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Monkey Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through its contact forms. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, which means they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it through your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via their contact form. Just go to their website, and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
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 recurring fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.