OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate 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 take a look at videos instead, check out the channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like reading, we’ll go over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? New Reality Nft
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users 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 created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their browser to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. There are eight categories to which they usually belong. Let’s take a closer examine each.
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even the older technologies.
For NFTs, you can collect avatars, virtual pets, or any other characters that could be sold or acquired. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT came to be. As of today you can create digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual lands. One popular example could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. These are:
The seller is the one to pay the cost that is 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 time. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and will list the minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you are looking to sell multiple 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 fees?
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 an amount of the sales price paid by the buyer. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you must be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
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. Also, you are not able to make use of PayPal credit and debit card to make payments or make a deposit. New Reality Nft
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about blockchain or coding. New Reality Nft
They also offer a range of digital assets, which makes them one of the biggest NFT marketplaces. Low platform costs are also a great way for you to make more money.
While it is decentralized and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety 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 worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ New Reality Nft
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support staff that can be reached via its contact forms. Visit the official site 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 be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, so they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through the contact page. Go to their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using 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, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they constantly change every now and then.