OpenSea has become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will provide the leverage you require. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you’d rather watch videos instead, check out the review of this channel. They’ll walk the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like to read, let’s go through what it is prior to we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Earning Games
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was created in 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 collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by the users, not by the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed the digital assets will never leave your account. Moreover, you aren’t required to create your account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can use their browser to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which 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 just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards film props, and even the older technologies.
For NFTs, you can collect avatars and digital pet or any other characters that could be traded or collected. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT was invented. As of today you can do the same with digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
The digital objects associated with sports are also available, like animated logos of teams.
VR space and other elements can be purchased. You can buy these metaverses or other things like game elements, the VR environment, virtual objects, characters or even virtual lands. A popular example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as 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.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction 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.
You can currently select among five selling options. The choices are:
The seller will be the one to pay the cost for the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you must know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between 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. Your NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For example, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like 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. Also, you are not able to make use of PayPal credit or debit cards for payment or transfer funds. Nft Earning Games
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Earning Games
They also provide a variety of digital currency, making their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it’s open source and has one of the largest NFT selections, it has 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.
It is also necessary to set up your own crypto wallet to sell or buy from the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Earning Games
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via their contact form. Go to the official site and look on the page for “Submit a request.”
Can you mint 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, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, therefore they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via their contact form. Just go to the official site and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, therefore they change at regular intervals.