OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an established marketplace will help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch videos instead, check out this channel’s review. They will guide the user through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer the written word, look through what it is prior to we look into its fees and what it has to offer.
Before you continue, you may want to check out 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.
What is OpenSea? Nft Channels Seattle
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year 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 collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about 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 been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets that are listed on this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is successful your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
In the case of NFTs, it is possible to collect avatars and digital pet or any other characters that could be sold or acquired. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. Today you can make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or small video clip clips.
It is also possible to collect digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected, such as animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters and even virtual land. A popular example could be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post them on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select among five selling options. The choices are:
The seller will be the one to charge the price of the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller sets a price that will decrease over 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. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee reasonable.
However, you must understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers receive up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment or transfer funds. Nft Channels Seattle
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported 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 take a look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Channels Seattle
They also offer several types of digital asset, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent method to make more money.
Although it’s decentralized and offers one of the most diverse NFT collections, it still 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 create your crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Channels Seattle
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via the contact page. Go to their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they constantly change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it on your mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team you can contact through their contact form. Just go to the official site and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, therefore they change every now and then.