OpenSea has grown to become one of the most popular markets for NFTs. It was the first to launch a platform like this over the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you prefer to watch videos instead, check out the review of this channel. They’ll walk the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll go over the basics before we go over the 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 overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Panthers, Schedule
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not the platform. Because they’re an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your account. 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 browser to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or collected. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT was invented. In the present, you can also do the same with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things such as game items and the VR environment characters, virtual objects and even virtual land. A popular example is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting 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 list them on the marketplace. It’s all you have to do is ensure your wallet is connected. 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 fee for gas.
Currently, you can choose from five options for selling. The choices are:
The seller is the one to pay the cost for the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price drops over time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards for payment or transfer funds. Nft Panthers, Schedule
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in blockchain or coding. Nft Panthers, Schedule
They also provide a variety of digital assets, which makes it one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to make more money.
While it is decentralized and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Panthers, Schedule
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that can be reached via their contact form. Visit the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through their contact form. Just go to their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also go through their tutorials.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, so they fluctuate at regular intervals.