OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first one to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you like reading, we’ll go over the basics before we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft New Orleans
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to the users, not the platform. Because they’re an open marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they are typically placed. Let’s look at each.
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, movie props, or even old technology.
As for NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or taken home. The rarer they are the greater value they be. They also have variations 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 create digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even short video clips.
It is also possible to collect digital trading cards such as those of Sorare or BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR space and other elements can be purchased. You can purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters or even virtual lands. One popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them in the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. They are:
The seller will be the one to charge the price that is the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers get 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, 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 or make a deposit. Nft New Orleans
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 blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft New Orleans
They also offer several types of digital currency, which makes their platform one of the biggest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety 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 make transactions without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft New Orleans
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser with your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team you can reach via their contact form. Go to their website, and look at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support team you can contact through the contact page. Go to their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, which means they change every now and then.