OpenSea has become one of the most popular platforms for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from a good marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to watch a video instead, check out the review of this channel. They’ll guide the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer the written word, look over what it is before we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Come Funziona
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to users, not by the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, you can gather avatars, digital pets, or any other characters that could be sold or taken home. The more rare they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT was invented. As of today, 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.
There is also the possibility of collecting digital trading cards, such as those from Sorare or BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR environments and components can be purchased. You can purchase these metaverses, or other items like game elements as well as the VR environment characters, virtual objects and even virtual land. A popular illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered 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 selling options?
Selling on OpenSea is simple. All you need to do is post them on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
The seller will be the one to pay the cost for the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. 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. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards to pay for or transfer funds. Nft Come Funziona
The NFTs can be purchased 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 take a look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Come Funziona
They also provide a variety of digital currency, making them one of the biggest NFT marketplaces. Low platform fees are also an excellent method to make more money.
Although it is decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Come Funziona
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via their contact form. Visit their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, which means they change every now and then.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach through its contact forms. Go to the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at 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 auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, which means they change from time to time.