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 experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll look over what it is before we examine its costs and what it has to offer.
Before you go on, you may want to watch 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 of OpenSea.
What is OpenSea? Nft 20 Professional
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed the digital assets will never leave your account. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds 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 restricted to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
In the case of NFTs, you can gather avatars, digital pets and other characters that can be sold or taken home. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT was invented. In the present, you can also create digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
You can also collect digital trading cards like those from Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, and even virtual land. A popular example is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific capabilities. Examples include 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 from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
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. They are:
The seller is the one to charge the cost that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency 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 price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost competitive.
However, you have to be aware that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need 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, debit, and debit card to make payments or deposit. Nft 20 Professional
The NFTs can only be purchased or sold if your cryptocurrency is supported 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 benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. Nft 20 Professional
They also provide a variety of digital assets, which makes 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 has one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of 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 sell or buy from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft 20 Professional
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through their contact form. Go to their official website and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, so they fluctuate every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team you can contact through their contact form. Just go to their 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 be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they change at regular intervals.