OpenSea has become one of the top platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from a good marketplace can provide the leverage you require. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer reading, we’ll look through what it is prior to we look into its fees 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Carbon Footprint
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the marketplace are held by users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music is among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars, digital pets and other characters that can be traded or taken home. The rarer they are the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT was invented. Today it is possible to create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards like those of Sorare or BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR space and other elements can now also be bought. You can purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters or even virtual lands. One popular illustration can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. These are:
The seller will be the one to pay the price of the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers generally set expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is in contrast to that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any charges?
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 proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent fee competitive.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers are paid up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency 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. This means that you can’t use PayPal, credit, and debit card to make payments for or transfer funds. Nft Carbon Footprint
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft Carbon Footprint
They also offer several types of digital asset, which makes them one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
While it is decentralized and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
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 charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Carbon Footprint
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via its contact forms. Go to their official website and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through the contact page. Visit their official website and search at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, which means they change every now and then.