OpenSea has become one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d prefer to watch a video instead, you can check out the review of this channel. They will guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer to read, let’s look through what it is prior to we look into its fees 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Games 2021
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Because they’re an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking their NFT ownership.
This means that unless the transaction is successful your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even older technology.
For NFTs, you can gather avatars, digital pets, and other characters that can be sold or collected. The rarer they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT came to be. Today, you can also do the same with digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards like those of Sorare as well as BCCG.
Sports-related digital items are also available, like animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game elements, the VR environment, virtual objects, characters, or even virtual lands. One popular example can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list your products on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and auction type and you’re ready 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. These are:
The seller is the one to pay the cost for the NFT. Just as the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers typically set up very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. 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 in contrast to the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you must understand that some NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, or debit cards for payment for or make a deposit. Nft Games 2021
The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. Nft Games 2021
They also provide a variety of digital currency, which makes them one of the biggest NFT marketplaces. Low platform fees are also an excellent method to earn more income.
Although it’s open source and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Games 2021
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via their contact form. Just go to their website, and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they constantly change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via its contact forms. Go to the official site and look at “Submit a request.”
Can you mint 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 sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs 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 regular fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.