OpenSea has become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can provide the leverage you need. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is a long read. If you prefer to take a look at videos instead, check out the review of this channel. They’ll walk users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like the written word, look over what it is before we go over the costs and what it can 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.
What is OpenSea? Nft All In One Electric Tester
OpenSea provides a platform 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 restricted to art, music, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like to buy. There are filters that can simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or acquired. The rarer they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT was invented. Today, you can also create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters, or even virtual lands. One popular illustration could be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is to list them on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select from five options for selling. They are:
The seller will be the one to pay the cost for the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage 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 you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you must know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token after your NFT bid has been 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.
You also need to know that certain NFTs earn additional commissions. For example, game developers receive up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards to pay or make a deposit. Nft All In One Electric Tester
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to 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 can be decentralized which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Nft All In One Electric Tester
They also offer several types of digital assets, making it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it’s decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft All In One Electric Tester
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your phone on the go, your 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 staff?
Yes, they have a support staff that you can reach via their contact form. Just go to their official website and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via their contact form. Just go to the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change every now and then.