OpenSea has become one of the leading markets for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d prefer to watch videos instead, you can check out this channel’s review. They will guide the user through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s look over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? New Future Transportation (Nft) Flying Car
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted 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 and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or old technology.
For NFTs, you can gather avatars and digital pet, and other characters that can be traded or taken home. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. In the present it is possible to create digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or short video clips.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters, or even virtual lands. A popular example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names 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 list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and type of auction then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller will be the one to pay the cost for the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will fall over the course of. Sellers usually set very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and lists the minimum price. It’s opposite to the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost competitive.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid is 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.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers receive as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, and debit card to make payments or deposit. New Future Transportation (Nft) Flying Car
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using 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 examine the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about coding or blockchain. New Future Transportation (Nft) Flying Car
They also offer several types of digital assets, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.
Although it’s open source and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ New Future Transportation (Nft) Flying Car
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team can be reached via its contact forms. Go to their official website and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, which means they change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it through 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 topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through their contact form. Just go to the official site and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, which means they constantly change every now and then.