OpenSea is now one of the leading platforms 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 become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can give you the leverage you require. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d prefer to watch videos instead, check out the review of this channel. They will guide the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll go through what it is prior to we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Asap Rocky
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Because they’re an open marketplace, they use smart contracts that allow users can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is completed the digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards movie props, or even old technology.
As for NFTs, you can collect avatars, digital pets, and other characters that can be sold or collected. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT came to be. As of today, you can also create digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters, or even virtual lands. One popular instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains 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 have to do is to list them on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and type of auction then you’re all set.
For 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 who will be charged the price of the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease over time. Sellers generally set expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged 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 through a portion of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee affordable.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers receive 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, and debit card to make payments for or make a deposit. Nft Asap Rocky
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. Nft Asap Rocky
They also offer several types of digital assets, which makes it one of the largest NFT marketplaces. The low platform costs are also a great opportunity to make more money.
While it is decentralized and offers one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and strange, which is why it’s so attractive to 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 financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Asap Rocky
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through 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 topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via the contact page. Go to their website, and search at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have make is to 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 a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support team you can contact through the contact page. Visit their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, so they fluctuate every now and then.