OpenSea has become one of the leading markets for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d prefer to take a look at a video instead, take a look at the channel’s review. They’ll guide users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like reading, we’ll go through what it is prior to we go over the costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Consultant Jobs
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade 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 2018 by 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 and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is completed your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to find NFTs you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can gather avatars and digital pet, or other characters that can be sold or acquired. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. In the present it is possible to do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual worlds. A well-known example is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
The seller will be the one who will be charged the price for the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction in the event that the auction is over 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 several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent cost competitive.
However, you must understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers receive as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards to pay or transfer funds. Nft Consultant Jobs
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Consultant Jobs
They also provide a variety of digital currency, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it is open source and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Consultant Jobs
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it on your phone on the go, your 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 start.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via the contact page. Visit their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, therefore they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it on your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via their contact form. Just go to the official site and search for “Submit a request.”
Can you 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. If you’re ready for selling them, put them up for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, which means they change from time to time.