OpenSea is now one of the leading marketplaces for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an established marketplace will provide the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather watch a video instead, you can check out the channel’s review. They will guide the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, look over the basics before we go over the costs and what it has to offer.
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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Gulley With Lid
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they use smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.
That means unless the transaction is successful your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even older technology.
For NFTs, you can collect avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT came to be. Today it is possible to make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or videos of short length.
You can also collect digital trading cards, such as those of Sorare and BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses and other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. One popular illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and auction type, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. The choices are:
The seller will be the one to charge the price 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 fall over time. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you are 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 charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost affordable.
However, you have to understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers are paid up to 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, and debit card to make payments for or make a deposit. Nft Gulley With Lid
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages that come with 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 coding or blockchain. Nft Gulley With Lid
They also offer a range of digital currency, making it one of the largest NFT marketplaces. The low platform fees are also an excellent method to make more money.
While it is decentralized and offers one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Gulley With Lid
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via its contact forms. Visit the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, which means they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through their contact form. Go to the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using 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 simple and free of gas but you could also look over their instructional videos.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, so they fluctuate from time to time.