OpenSea has become one of the most popular marketplaces 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 are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an established marketplace will give you the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you prefer to watch a video instead, you can check out the channel’s review. They will guide users through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer reading, we’ll look over the basics before we look into its fees 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Book Chicago
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was created in the year 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 not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can utilize their website to look for NFTs you’d like to buy. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and 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.
For NFTs, you can collect avatars, virtual pets and other characters that can be traded or collected. The rarer they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT came to be. In the present, you can also create digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards, such as those from Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game objects as well as the VR environment virtual objects, characters, or even virtual lands. One popular example could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as 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 list them in the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller is the one to charge the price for the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very expensive prices. With time, the value 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 have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell the auction 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 via the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee competitive.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game designers receive as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay for or transfer funds. Nft Book Chicago
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Nft Book Chicago
They also offer several types of digital currency, making it one of the most popular NFT marketplaces. Low platform costs are also a great method to earn more income.
While it is decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Book Chicago
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, the 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 get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via its contact forms. Go to their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
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 is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through their contact form. Just go to their website, and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.