OpenSea is now one of the most popular markets for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an established marketplace will give you the leverage you require. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite a long read. If you prefer to watch a video instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer the written word, go over what it is before we examine its costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft How Much Flow
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can use their browser to find NFTs you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a examine each.
Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, or older technology.
As for NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or taken home. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT was invented. As of today it is possible to make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards such as those from Sorare and BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters, and even virtual land. A well-known illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. They are:
The seller is the one who will be charged the price of the NFT. As the name implies, it never changes.
In the 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 equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists the minimum price. This is in contrast to that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent fee competitive.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market, but you can expect it to 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 developers get as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or transfer funds. Nft How Much Flow
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they are able to 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 when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. Nft How Much Flow
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. 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 some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters 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 customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft How Much Flow
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team can be reached via its contact forms. Just go to their website, and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, so they fluctuate every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser on 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 begin.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via their contact form. Go to the official site and search 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 need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they change every now and then.