OpenSea has become one of the top markets for NFTs. It was the first to introduce a platform of this kind throughout 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 famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like reading, we’ll look over what it is before we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Ebay
OpenSea provides a platform for non-fungible tokens, 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 only limited to art, music, game items, and domain names.
It was created in 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 which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Because they’re an open marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can gather avatars, digital pets, or any other characters that could be traded or collected. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT came to be. As of today it is possible to make the same thing with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even short video clips.
It is also possible to collect digital trading cards like those of Sorare and BCCG.
Sports-related digital items can also be collected like animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items such as game items and the VR environment characters, virtual objects and even virtual land. One popular illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting 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 to list them in the marketplace. You only have to ensure your account is linked. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. They are:
The seller is the one to charge the cost of the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will decrease in time. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the payment 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 are looking to sell several 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 fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. Similar to how regular 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. There are no listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost affordable.
However, you must understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on 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 conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers are paid up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as 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 use PayPal, credit, or debit cards to pay for or make a deposit. Nft Ebay
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 wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Ebay
They also offer a range of digital asset, making them one of the biggest NFT marketplaces. The low platform costs are also a great method to make more money.
Although it’s decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Ebay
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through the contact page. Go to the official site and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they constantly change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through their contact form. Just go to their website, and search at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.