OpenSea has grown to become one of the leading markets for NFTs. It was the first to launch a platform like this over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is lengthy. If you’d prefer to watch a video instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features so that you understand everything before you jump in with NFT trading.
For those who prefer reading, we’ll go over what it is before we examine its costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Nba
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets on this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.
If the transaction is successful your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars, digital pets or other characters that can be traded or collected. The more rare they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT was invented. Today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards like those from Sorare or BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses or other things like game objects as well as the VR environment virtual objects, characters or even virtual lands. A popular example can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting 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 post your products on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller is the one to charge the price 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 time. Sellers typically set up very high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you want to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% cost affordable.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers receive up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, or debit cards to pay for or make a deposit. Nft Nba
The NFTs can only be purchased or sold if 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 examine the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in coding or blockchain. Nft Nba
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it is open source and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Nba
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, the browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support staff that can be reached via the contact page. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through their contact form. Just go to their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also check out their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, therefore they constantly change from time to time.