OpenSea is now one of the leading marketplaces for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you’d rather take a look at videos instead, you can check out this channel’s review. They will guide users through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you prefer 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 Best Team Outfits
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with 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 an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
For those who are buyers you can use their search engine to look for NFTs you’d like to buy. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. There are eight categories to which they usually belong. Let’s review of each.
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even older technology.
As for NFTs, you can gather avatars and digital pet or any other characters that could be traded or collected. 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 since before NFT was invented. In the present you can create digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those of Sorare and BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, and even virtual land. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller will be the one who will be charged the price for the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost affordable.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be issued as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will vary based 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 some NFTs charge additional commissions. For instance, game designers receive 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or deposit. Nft Best Team Outfits
The NFTs are only able to be purchased or traded 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 take a look at the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Nft Best Team Outfits
They also offer a range of digital asset, which makes it one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
While it is decentralized and offers one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Best Team Outfits
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via the contact page. Visit the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, so they constantly change from time to time.
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 using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support team you can reach via the contact page. Go to their official website and search for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, therefore they constantly change every now and then.