OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you prefer to watch a video instead, take a look at this channel’s review. They will guide users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like the written word, go through what it is prior to we look into its fees and what it has to offer.
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’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft 50 Fortune
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets on the platform are owned by the users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is complete, your digital assets will never leave your wallet. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer examine each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be sold or collected. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT became a reality. As of today, you can also create digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
It is also possible to 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 environments and components can be purchased. You can buy these metaverses and other things like game elements as well as the VR environment characters, virtual objects and even virtual land. A well-known example could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be 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 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. Once you’ve added your price and auction type then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select among five selling options. They are:
The seller is the one who will be charged the price of the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers typically set up very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% fee affordable.
However, you must understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be issued as a valid non-fungible token after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers get as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit or debit cards for payment or make a deposit. Nft 50 Fortune
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. Nft 50 Fortune
They also offer several types of digital currency, making them one of the largest NFT marketplaces. The low platform fees are also an excellent method to make more money.
Although it is decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of 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 create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the 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 variety of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft 50 Fortune
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes they do have a support team can be reached via the contact page. Go to the official site and search for “Submit a request.”
Are you able 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, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees 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, so they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through the contact page. Visit the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, list 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 fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.