OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after 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 planning to invest through NFTs and want to start from a good marketplace can help you get the leverage you require. This is the reason we created 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 quite a long read. If you’d prefer to take a look at a video instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer reading, we’ll go over the basics before we examine its costs and the benefits it offers.
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 of OpenSea.
What is OpenSea? Motown Christmas Show At The Nft Theater In Myrtle Beach South Carolina
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is completed the digital assets will never be removed from your account. In addition, you don’t have to create your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to find NFTs you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even older technology.
As for NFTs, you can gather avatars, virtual pets, and other characters that can be traded or collected. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT was invented. In the present you can make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards, such as those of Sorare or BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses, or other items like game objects as well as the VR environment virtual objects, characters or even virtual lands. A popular illustration is Axie Infinity.
As absurd as it may sound there are also NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is to list your products on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller is the one to pay the cost for the NFT. Just as the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over time. Sellers typically set up very high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
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 proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee competitive.
However, you have to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be issued as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment for or transfer funds. Motown Christmas Show At The Nft Theater In Myrtle Beach South Carolina
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. Motown Christmas Show At The Nft Theater In Myrtle Beach South Carolina
They also offer several types of digital asset, making them one of the most popular NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it is decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Motown Christmas Show At The Nft Theater In Myrtle Beach South Carolina
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team can be reached via their contact form. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using 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, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, which means they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach through the contact page. Go to their official website and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.