OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to release such a platform throughout the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can provide 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 the right choice for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d prefer to watch videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll look over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Affiliate Program
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk their NFT ownership.
If the transaction is complete your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to find NFTs you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. You can also purchase background noises 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 movie props, or even older technology.
For NFTs, you can gather avatars and digital pet or any other characters that could be traded or acquired. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT was invented. As of today you can create digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Sports-related digital items are also available, like animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters or even virtual worlds. One popular illustration is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names 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 list your products on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. These are:
The seller will be the one to pay the cost of the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through 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 included in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale 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 only be charged 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you must understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created as a valid, non-fungible token after 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 additional commissions. For example, game developers are paid 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, and debit card to make payments or make a deposit. Nft Affiliate Program
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. Nft Affiliate Program
They also offer several types of digital assets, making it one of the biggest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
While it is open source and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Affiliate Program
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that can be reached via their contact form. Just go to their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach through its contact forms. Just go to the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the gas prices?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they change at regular intervals.