OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with 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 right for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you prefer the written word, go through what it is prior to we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Philly
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in 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 first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever 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 users, not by the platform. Because they’re an open marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s look at each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase 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 or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can collect avatars and digital pet, or any other characters that could be traded or taken home. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT became a reality. As of today, you can also create digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
Digital items related to sports are also available, for example, animated logos of teams.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, and even virtual land. One popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is post your products on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. The choices are:
The seller is the one who will be charged the cost that is the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.
If you want to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee competitive.
However, you must be aware that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers get 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as 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. Also, you are not able to make use of PayPal credit, debit, and debit card to make payments for or make a deposit. Nft Philly
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about blockchain or coding. Nft Philly
They also provide a variety of digital assets, making them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Although it is decentralized and offers one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Philly
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Visit the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, so they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through its contact forms. Visit the official site 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 then add it to the collection. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they change every now and then.