OpenSea is now one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you like to read, let’s look through what it is prior to we go over the costs 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nba Nft
OpenSea provides a platform that deals in 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 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets listed in the platform are owned by the users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s take a closer look at each.
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even the older technologies.
In the case of NFTs, you can collect avatars and digital pet or other characters that can be sold or collected. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT came to be. In the present you can make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual worlds. A well-known instance can be Axie Infinity.
As absurd as it may sound 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 which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select from 5 selling options. The choices are:
The seller is the one who will be charged the cost of the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost competitive.
However, you must know that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will be created as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers get up to 15% as 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 for or transfer funds. Nba Nft
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Nba Nft
They also provide a variety of digital asset, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent method to make more money.
Although it is decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nba Nft
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through its contact forms. Just go to their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, so they fluctuate every now and then.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach through the contact page. Visit their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy but you could also check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.