OpenSea has grown to become one of the top markets for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d prefer to watch a video instead, check out the channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s look over what it is before we examine its costs and what it has to offer.
Before you go on, 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 our article for a more comprehensive review.
What is OpenSea? Nft D Block Europe
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without risking 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 need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to find NFTs you’d like to purchase. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can 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 limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or old technology.
For NFTs, it is possible to collect avatars, digital pets, and other characters that can be sold or acquired. The rarer they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT became a reality. Today it is possible to make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR space and other elements are now available for purchase. You can buy these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. A well-known illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is post them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and the type of auction, you’re good 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.
At present, you can select from 5 selling options. They are:
The seller will be the one who will be charged the price for the NFT. As the name implies the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and lists the minimum price. This is different from auctions like the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee affordable.
But, it is important to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token 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 have extra commissions. For instance, game developers receive as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay for or make a deposit. Nft D Block Europe
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Nft D Block Europe
They also offer a range of digital currency, which makes their platform one of the most popular NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Although it’s open source and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft D Block Europe
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through its contact forms. Go to their website, and look 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 the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, which means they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Just 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 them, put them up for auction. This is gas-free and easy but you could also go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they change every now and then.