OpenSea is now one of the top platforms for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you’d rather watch videos instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like the written word, go over the basics before we go over the costs and what it can offer.
Before you continue, 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? Mx 4000 Nft
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is complete your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or old technology.
For NFTs, you can gather avatars, digital pets, and other characters that can be traded or acquired. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. Today, you can also do the same with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards such as the ones from Sorare or BCCG.
The digital objects associated with sports are also available, like animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters and even virtual land. A popular illustration could be Axie Infinity.
As absurd as it may sound there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and auction type then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. They are:
The seller will be the one to charge the cost that is the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease in time. Sellers generally set expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
But, it is important to understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be created as a valid token that is non-fungible 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 around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as 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. Mx 4000 Nft
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can 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, making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Mx 4000 Nft
They also offer a range of digital asset, making it one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
While it is open source and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Mx 4000 Nft
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users 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 either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team you can contact through the contact page. Visit their official website and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then 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, but you can also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, therefore they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach through the contact page. Visit their website, and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they constantly change at regular intervals.