OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an appropriate marketplace can give you the leverage you require. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you prefer to take a look at videos instead, take a look at 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.
For those who prefer to read, let’s go through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft North Carolinia Transplant Fund
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began 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 biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete your digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music is among the most popular NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, or old technology.
As for NFTs, you can collect avatars, virtual pets, or any other characters that could be sold or collected. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. Today it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected like animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game elements as well as the VR environment virtual objects, characters, and even virtual land. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be 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 selling options?
Selling on OpenSea is simple. All you need to do is post 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 and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select among five selling options. They are:
The seller is the one who will be charged the cost that is the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers generally set expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can 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 normal for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards to pay or transfer funds. Nft North Carolinia Transplant Fund
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. Nft North Carolinia Transplant Fund
They also provide a variety of digital asset, making it one of the biggest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to establish a 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 the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft North Carolinia Transplant Fund
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via their contact form. Visit their website, and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, therefore they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach through their contact form. Just go to their website, and look 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 then add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they constantly change every now and then.