OpenSea has become one of the leading marketplaces for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will help you get 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 begin, we’d like to warn you. This review is a long read. If you’d prefer to watch a video instead, check out this channel’s review. They will guide you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer to read, let’s look over what it is before we go over the costs and the benefits it offers.
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 our article for a more comprehensive review.
What is OpenSea? Nft Myers Craigslist
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people were investing in collectibles like 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 popular NFT, even before NFT was invented. Today you can create digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses or other things such as game items as well as the VR environment virtual objects, characters or even virtual lands. A well-known illustration could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples come 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 anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a single-use gas charge.
You can currently select among five selling options. The choices are:
The seller will be the one to pay the cost for the NFT. Like 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, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells 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 mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only have 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 per cent fee competitive.
However, you have to be aware that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will vary 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 extra commissions. For instance, game developers receive 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to 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. Also, you are not able to make use of PayPal, credit, or debit cards to pay for or transfer funds. Nft Myers Craigslist
The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 advantages and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. Nft Myers Craigslist
They also offer several types of digital assets, which makes them one of the largest NFT marketplaces. Low platform charges are also a good method to earn more income.
Although it’s decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Myers Craigslist
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. When you’re using the browser on your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes they do have a support team you can reach via its contact forms. Just go to their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they constantly change from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach via the contact page. Just go to their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, list them 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 that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, which means they fluctuate at regular intervals.