OpenSea is now one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind over 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 interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an established marketplace will give you the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d rather take a look at videos instead, you can check out the review of this channel. They’ll guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s look over the basics before we examine its costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 2 Cinema
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was established in the year 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 among the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
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 on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can use their browser to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs 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 well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, or old technology.
As for NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or taken home. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT was invented. Today you can create digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters or even virtual worlds. A popular example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
The seller is the one to charge the price for the NFT. Like the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells 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 via the platform. Then you can sell them in the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee affordable.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will be created as a valid non-fungible token once your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit or debit cards to pay for or deposit. Nft 2 Cinema
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 of 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 is decentralized, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Nft 2 Cinema
They also offer a range of digital asset, making their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
While it is decentralized and offers one of the most diverse NFT collections, it still has its 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.
You will also need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft 2 Cinema
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via the contact page. Just go to their official website and look at “Submit a request.”
Are you able to 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. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through its contact forms. Just go to their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they change at regular intervals.