OpenSea is now one of the top platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d rather watch videos instead, check out this channel’s review. They will guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll go through what it is prior to we go over the costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Distribution Atlanta
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets on the marketplace are held by users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is complete your digital assets won’t 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 use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, or the older technologies.
For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or taken home. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT became a reality. In the present it is possible to create digital art. This isn’t just limited to digital illustrations or paintings. You can also 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 or BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses or other things like game elements and the VR environment characters, virtual objects or even virtual worlds. A well-known instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
At present, you can select from five options for selling. They are:
The seller will be the one to charge the cost 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 typically set up very expensive prices. As time passes, the price will lower until it becomes 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 is required to put 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. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
If you’re looking to sell multiple NFTs in 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’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or transfer funds. Nft Distribution Atlanta
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest with NFTs even if there is no any experience or expertise in coding or blockchain. Nft Distribution Atlanta
They also offer a range of digital asset, making them one of the most popular NFT marketplaces. The platform’s low costs are also a great method to make more money.
While it is open source and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Distribution Atlanta
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via its contact forms. Just go to their official website and search at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, so they constantly change from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through its contact forms. Visit their website, and search for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they change from time to time.