OpenSea is now one of the leading markets for NFTs. It’s also 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 becoming more popular because celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at videos instead, you can check out the review of this channel. They’ll walk you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer the written word, go over what it is before we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Jobs
OpenSea provides a platform 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 only limited to art, music, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed your digital assets will never be removed from your account. In addition, you don’t have to make your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to look for NFTs you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or anything else 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 such as baseball cards film props, and even old technology.
For NFTs, you can collect avatars, virtual pets, and other characters that can be traded or collected. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. In the present you can do the same with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items are also available, like animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses and other things like game elements, the VR environment, virtual objects, characters, or even virtual worlds. A popular illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to 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 them in the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller will be the one to pay the cost of the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as 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. In addition, buyers can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary depending on the platform, it’s typically 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 paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee reasonable.
However, you must know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as 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 use PayPal credit or debit cards to pay for or make a deposit. Nft Jobs
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft Jobs
They also provide a variety of digital asset, making it one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
Although it’s decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Jobs
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Go to the official site and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
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 has one-time fees and regular fees. Prices are determined by the market, so they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach through the contact page. Go to the official site and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction 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. The prices are driven through the marketplace, therefore they fluctuate at regular intervals.