OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s look over the basics before we examine its costs and the benefits it offers.
Before you go on, you may want to watch 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 Jeu
OpenSea is a marketplace 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 available NFTs are not limited to music, art, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is completed your digital assets will never leave your account. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars, digital pets and other characters that can be traded or acquired. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. As of today you can make the same thing with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even short video clips.
It is also possible to collect digital trading cards such as those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game elements, the VR environment, virtual objects, characters and even virtual land. A popular instance could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. They are:
The seller is the one who will be charged the cost for the NFT. Just as the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease in time. Sellers generally set high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you want to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% cost competitive.
However, you must know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or transfer funds. Nft Jeu
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. Nft Jeu
They also provide a variety of digital currency, making them one of the biggest NFT marketplaces. The platform’s low charges are also a good method to make more money.
While it is decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Jeu
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via their contact form. Visit their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list 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 from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through the contact page. Visit the official site and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, so they fluctuate every now and then.