OpenSea is now one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is lengthy. If you prefer to take a look at videos instead, take a look at this channel’s review. They will guide users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
For those who prefer the written word, look over the basics before 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Consultants Uganda
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year the year 2018 in 2018 by 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 and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets on this platform belong to users, not by the platform. Since they are an open marketplace, they have intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is completed, your digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.
Music
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, some 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 and other characters that can be traded or collected. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT prior to when NFT was invented. Today, you can also create digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
Trading Cards
You can also collect digital trading cards, such as those from Sorare or BCCG.
Sports
The digital objects associated with sports are also available, for example, animated team logos.
Virtual Worlds
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. One popular example is Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list your products on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller is the one who will be charged the cost that is the NFT. Like the name suggests, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers usually set very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree on a price.
English Auction
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
Bundles
If you are looking to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost competitive.
But, it is important to know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers get 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like 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. This means that you can’t use PayPal credit, debit, and debit card to make payments for or deposit. Nft Consultants Uganda
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s take a look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Nft Consultants Uganda
They also provide a variety of digital assets, which makes them one of the most popular NFT marketplaces. Low platform costs are also a great method to make more money.
Cons
Although it’s decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
It is also necessary to create your crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Consultants Uganda
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through their contact form. Visit the official site and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
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 recurring fees. The price is determined in accordance with the current market conditions, so they fluctuate from time to time.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through its contact forms. Just go to their website, and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, so they fluctuate from time to time.
