OpenSea has become one of the top markets for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at videos instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
For those who prefer the written word, look over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nba Nft Top Shot
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell 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 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by users, not the platform. Since they’re an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of 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, beats, vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars and digital pet, or other characters that can be sold or acquired. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT became a reality. As of today you can create digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects or even virtual lands. A popular instance can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select among five selling options. They are:
The seller will be the one who will be charged the price for the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% fee affordable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers receive up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, and debit card to make payments or deposit. Nba Nft Top Shot
The NFTs can only be purchased or traded when 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 take a look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. Nba Nft Top Shot
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it’s decentralized and offers one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nba Nft Top Shot
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through its contact forms. Just go to the official site and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once 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 check out their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Visit their official website and look at “Submit a request.”
Do you have the ability to make 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, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, therefore they change at regular intervals.