OpenSea is now one of the top markets for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d rather watch videos instead, check out the review of this channel. They’ll guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer the written word, go through what it is prior to 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Austin
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 only limited to art, music, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
This means that unless the transaction is complete your digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music could be among the most well-known NFTs all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, and even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or collected. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT was invented. As of today it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare as well as BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters, and even virtual land. A popular instance is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. 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 being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. You only have to 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 single-use gas charge.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the cost for the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set 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 once they reach an agreement on the price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% cost affordable.
However, you must understand that some NFTs charge higher transaction costs compared to others. 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 could be expensive. The NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards to pay for or deposit. Nft Austin
The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Austin
They also offer a range of digital assets, making them one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
While it is decentralized and offers one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Austin
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it with your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via their contact form. Just go to their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, which means they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it on your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via its contact forms. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, therefore they change from time to time.