OpenSea has grown to become one of the most popular markets for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d rather watch a video instead, check out the review of this channel. They will guide the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer to read, let’s go through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Seattle
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them 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 established in the year the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s have a review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even old technology.
For NFTs, you can gather avatars and digital pet or other characters that can be sold or collected. The more rare they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT came to be. In the present you can create digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR spaces and elements can now also be bought. You can buy these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. A well-known example could be Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is list them in the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from 5 selling options. The choices are:
The seller will be the one to charge the cost of the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and lists the minimum price. This is in contrast to the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent fee competitive.
However, you have to be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will be issued as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers receive as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit or debit cards to pay for or deposit. Nft Seattle
The NFTs can be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. Nft Seattle
They also provide a variety of digital currency, which makes it one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Although it’s open source and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% 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 traders who are just beginning their trading or for professionals.
FAQ Nft Seattle
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team can be reached via its contact forms. Go to their website, and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, which means they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser 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 fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach through the contact page. Go to their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
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. The prices are driven through the marketplace, so they change from time to time.