OpenSea is now one of the leading platforms for NFTs. It was the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can provide the leverage you need. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, check out the review of this channel. They will guide users through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll go over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Resolution
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Because they’re an open marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
If the transaction is successful your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to find NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s examine 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 the artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even old technology.
For NFTs, you can collect avatars and digital pet or other characters that can be traded or taken home. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT was invented. In the present you can make the same thing with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports are also available, like animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual lands. A well-known illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. 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 anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and auction type, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select from 5 selling options. These are:
The seller will be the one to pay the price for the NFT. As the name implies it is not subject to change.
For the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers generally set expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the 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 decreases over time. In the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you want to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or make a deposit. Nft Resolution
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they 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 almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Nft Resolution
They also offer several types of digital assets, making it one of the largest NFT marketplaces. Low platform fees are also an excellent method to earn more income.
While it is decentralized and offers one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Resolution
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through the contact page. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. This is a simple and low-cost method, but you can also check out their tutorials.
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 offers one-time fees as well as regular fees. The price is determined by the market, so they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through their contact form. Visit their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can 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 auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, which means they fluctuate at regular intervals.