OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform in the past. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather watch a video instead, check out the review of this channel. They’ll guide the user through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer to read, let’s look through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to watch 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 Sold For 69 Million
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
That means unless the transaction is complete the digital assets will never be removed from your account. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer review of each.
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, you can gather avatars, digital pets, or other characters that can be sold or collected. The more rare they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT was invented. In the present you can make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses, or other items such as game items, the VR environment, virtual objects, characters or even virtual lands. A popular example could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and auction type, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. They are:
The seller will be the one to pay the cost for the NFT. Just as 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 typically set up very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
The seller will put 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 decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. It’s similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you have to understand that some NFTs have higher transaction charges as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be minted as a valid non-fungible token once 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 some NFTs charge extra commissions. For example, game developers are paid 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay for or deposit. Nft Sold For 69 Million
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft Sold For 69 Million
They also provide a variety of digital assets, which makes it one of the largest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it is decentralized and has 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.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad 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 worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Sold For 69 Million
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser through your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via their contact form. Go to the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they change 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 use. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through their contact form. Go to the official site and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, therefore they constantly change from time to time.