OpenSea is now one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is lengthy. If you’d prefer to watch videos instead, you can check out this channel’s review. They will guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you like the written word, go through what it is prior to we look into its fees and what it can offer.
Before you continue, 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 Projects 2021
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is complete, your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you have to do is 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. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.
Music could be among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or old technology.
For NFTs, you can gather avatars and digital pet, and other characters that can be sold or taken home. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT came to be. As of today you can make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things such as game items, the VR environment, characters, virtual objects or even virtual lands. One popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is post them on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
The seller will be the one who will be charged the cost that is the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. 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 when they agree on a price.
The seller will put up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent fee competitive.
However, you must know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be minted as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers receive 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments or transfer funds. Nft Projects 2021
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Projects 2021
They also offer a range of digital assets, making it one of the most popular NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Although it is decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Projects 2021
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled up to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through its contact forms. Go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, therefore they fluctuate every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through their contact form. Visit their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, so they constantly change every now and then.