OpenSea has become one of the top platforms for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can give you 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 suitable for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d rather take a look at a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like the written word, go over the basics before we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Comic Books
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded 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 collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to the users, not the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s look at 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 an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, and even older technology.
For NFTs, you can gather avatars and digital pet, or any other characters that could be traded or acquired. The more rare they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT came to be. As of today, you can also do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects and even virtual land. A well-known instance can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is list your products on the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. These are:
The seller is the one to charge the cost that is the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you must know 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 from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers are paid as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards to pay or deposit. Nft Comic Books
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in blockchain or coding. Nft Comic Books
They also offer a range of digital currency, making their platform one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it’s decentralized and offers one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Comic Books
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. You also need to 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 staff?
Yes, they have a support team that can be reached via the contact page. Go to their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees 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 by the market, therefore they change every now and then.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.