OpenSea has become one of the top markets for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you prefer to watch videos instead, check out the review of this channel. They’ll walk you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer reading, we’ll go over the basics before we look into its fees 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Jobs Uganda
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or older technology.
As for NFTs, you can collect avatars and digital pet or any other characters that could be sold or taken home. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT came to be. In the present you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses, or other items like game elements and the VR environment characters, virtual objects and even virtual land. A well-known illustration is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
The seller is the one to pay the price that is the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers generally set expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost reasonable.
However, you have to know that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be created as a valid non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers receive as much as 15% commissions for the 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 own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments for or deposit. Nft Jobs Uganda
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they 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 has no centralization, which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. Nft Jobs Uganda
They also offer several types of digital assets, making it one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Although it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for 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 the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Jobs Uganda
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via their contact form. Just go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, which means they change every now and then.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through its contact forms. Visit their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have to do is 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 could also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they change at regular intervals.