OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d rather watch a video instead, check out this channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s go over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Denver
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 available NFTs are not limited to music, art game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea work?
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 on the platform are owned by users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is complete the digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to find NFTs you’d like to purchase. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. There are eight categories to which they usually belong. Let’s take a closer examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even older technology.
For NFTs, you can collect avatars, digital pets or other characters that can be sold or collected. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT became a reality. Today it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards, such as those from Sorare or BCCG.
The digital objects associated with sports are also available, like animated logos of teams.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game objects as well as the VR environment virtual objects, characters or even virtual lands. A well-known instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names 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 simple. All you need to do is to list them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller will be the one who will be charged the price for the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers generally set expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and will list a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% cost reasonable.
However, you must be aware that certain NFTs charge higher transaction costs 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%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers are paid as much as 15% commissions for the 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 be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit and debit card to make payments or transfer funds. Nft Denver
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Nft Denver
They also offer a range of digital asset, making it one of the biggest NFT marketplaces. The low platform charges are also a good method to make more money.
While it is open source and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Denver
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need 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 staff that you can reach via their contact form. Go to their official website and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via its contact forms. Go to their website, and search 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 an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, so they constantly change every now and then.