OpenSea has grown to become one of the leading markets for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and celebrities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an established marketplace will give you the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you’d prefer to watch videos instead, check out this channel’s review. They’ll walk users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll look through what it is prior to we examine its costs and the benefits it offers.
Before you continue, 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 our article for a more comprehensive review.
What is OpenSea? Nft Like Axie
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about them is that they allow users to post 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 quite similar.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is successful your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to purchase. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can collect avatars, digital pets and other characters that can be sold or acquired. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT became a reality. Today, you can also create digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards, such as those from Sorare or BCCG.
The digital objects associated with sports can also be collected, like animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual worlds. One popular example can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is post them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and auction type and you’re ready 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. They are:
The seller is the one to pay the cost of the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers generally set high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases with time. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea will automatically accept 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 are looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee competitive.
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 in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid up to 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment for or deposit. Nft Like Axie
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no any experience or expertise in blockchain or coding. Nft Like Axie
They also provide a variety of digital currency, which makes their platform one of the most popular NFT marketplaces. Low platform costs are also a great method to make more money.
While it is decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Like Axie
What do I need to know 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. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they 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 make a mint using 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 sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they fluctuate at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, which means they constantly change from time to time.