OpenSea is now one of the leading markets for NFTs. It’s also the first one 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 also more well-known since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from a good marketplace can give you the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch a video instead, check out the channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like reading, we’ll look through what it is prior to we go over the costs and what it can 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? New Jersey Nft Hunting
OpenSea offers a market that deals in non-fungible tokens, also referred to 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 games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Since they’re an open marketplace, they use smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t 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 use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, and even older technology.
As for NFTs, you can collect avatars and digital pet or other characters that can be traded or acquired. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. In the present, you can also make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR environments and components can be purchased. You can purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects or even virtual lands. A well-known instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are 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 from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller is the one who will be charged the cost for the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller decides on a price which will decrease over time. Sellers generally set expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller is required to put up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost competitive.
However, you have to know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit and debit card to make payments for or transfer funds. New Jersey Nft Hunting
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. New Jersey Nft Hunting
They also provide a variety of digital asset, which makes them one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it is decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ New Jersey Nft Hunting
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via its contact forms. Go to their website, and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, which means they fluctuate at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through its contact forms. Visit their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When 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 the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, so they constantly change every now and then.