OpenSea is now one of the leading marketplaces for NFTs. It was the first to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from 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 top NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is a long read. If you prefer to watch videos instead, check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you prefer to read, let’s go over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Political Quiz
OpenSea provides a platform for 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 that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by the users, not by the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars, digital pets, or any other characters that could be sold or taken home. The more rare they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT became a reality. Today, you can also create digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses or other things like game elements as well as the VR environment virtual objects, characters or even virtual worlds. A well-known illustration is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller is the one to pay the price that is the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. 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 to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops with time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% cost affordable.
But, it is important to know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will only be created as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For example, game developers receive as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment for or make a deposit. Nft Political Quiz
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the 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 take a look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Political Quiz
They also provide a variety of digital asset, making it one of the most popular NFT marketplaces. The low platform costs are also a great method to make more money.
Although it’s decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Political Quiz
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach via their contact form. Go to the official site and look on the page for “Submit a request.”
Are you able to 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. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they change every now and then.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it on your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through their contact form. Visit their website, and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they constantly change every now and then.