OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an established marketplace will give you the leverage you require. That’s why we made this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, take a look at the channel’s review. They will guide the user through OpenSea and its features to ensure you’re aware of everything before you dive into 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 our article for a more comprehensive review.
What is OpenSea? Nft 4 Way Stretch Fur
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is 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 work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Because they’re an open marketplace, they use smart contracts that allow users are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to buy. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can collect avatars, digital pets or any other characters that could be sold or acquired. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. Today, you can also create digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare and 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 buy these metaverses and other things like game elements and the VR environment virtual objects, characters and even virtual land. A well-known illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as 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 them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select 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 never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers typically set up very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have to understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game designers receive up to 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit or debit cards to pay for or make a deposit. Nft 4 Way Stretch Fur
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of 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 of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Nft 4 Way Stretch Fur
They also offer several types of digital assets, which makes it one of the most popular NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it’s decentralized and offers one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft 4 Way Stretch Fur
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through their contact form. Visit their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them 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 charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through its contact forms. Go to their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate from time to time.