OpenSea has grown to become one of the top platforms for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you’d prefer to watch videos instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer the written word, look over the basics before we look into its fees 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 our article for a more comprehensive review.
What is OpenSea? Nft Guide To Nyc
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to find NFTs you’d like to buy. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music
Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or old technology.
As for NFTs, it is possible to collect avatars, virtual pets or other characters that can be sold or taken home. The more rare they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT since before NFT was invented. Today, you can also make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
Trading Cards
You can also collect digital trading cards, such as those of Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected, like animated logos of teams.
Virtual Worlds
VR spaces and elements can be purchased. You can purchase these metaverses and other things such as game items and the VR environment characters, virtual objects or even virtual worlds. A well-known instance can be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is to list them on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. They are:
Fixed Price
The seller will be the one to charge the price that is the NFT. Like the name suggests the price never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
English Auction
The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. Similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers receive as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments for or make a deposit. Nft Guide To Nyc
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
Pros
OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about blockchain or coding. Nft Guide To Nyc
They also offer a range of digital assets, which makes them one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Cons
Although it’s decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Guide To Nyc
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it with your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through its contact forms. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they constantly change every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Visit their website, and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then 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 go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.
