OpenSea is now one of the top markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed interest. 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 require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at videos instead, check out this channel’s review. They will guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s look over what it is before we go over the costs and what it has to offer.
Before you go on, you may want to watch 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.
What is OpenSea? Nft Beetlejuice
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their browser to find NFTs you’d like to buy. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a examine 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, beats, vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or taken home. 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 well-known NFT, even before NFT came to be. In the present, you can also create digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. A popular illustration is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one to pay the cost that is the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you must know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers receive as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or make a deposit. Nft Beetlejuice
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Beetlejuice
They also offer several types of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
Although it is open source and has one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Beetlejuice
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team that can be reached via their contact form. Just go to their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, which means they constantly change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via the contact page. Go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, which means they change at regular intervals.