OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an established marketplace will help you get the leverage you require. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you prefer to take a look at videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you like reading, we’ll look over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Finishing Channel
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
That means unless the transaction is successful the digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d like to buy. They also offer filters to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even old technology.
For NFTs, you can gather avatars and digital pet or any other characters that could be traded or taken home. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT came to be. Today, you can also make the same thing 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 short video clips.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things such as game items and 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 that are specifically designed to perform certain capabilities. 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 selling options?
Selling on OpenSea is easy. All you have to do is list them on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. They are:
The seller will be the one to pay the cost that is the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. 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 puts up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell the auction 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. They can be sold on the marketplace.
If you want to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost competitive.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers get up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, or debit cards to pay or make a deposit. Nft Finishing Channel
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they 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 has no centralization, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. Nft Finishing Channel
They also offer several types of digital asset, which makes it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
While it is open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Finishing Channel
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that can be reached via its contact forms. Go to their website, and search for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via their contact form. Go to their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, so they fluctuate every now and then.