OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this 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 famous personalities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite a long read. If you’d prefer to watch videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer reading, we’ll go over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Solid Channel
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 that are available aren’t only limited to art, music game items, domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest 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 operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Since they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is complete your digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can utilize their website to find NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even the older technologies.
As for NFTs, you can gather avatars, virtual pets and other characters that can be traded or acquired. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. In the present you can create digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. A well-known instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now classified 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 selling options?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and auction type then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
At present, you can select from 5 selling options. They are:
The seller is the one to charge the price for the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers generally set high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is in contrast to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes 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 several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must know 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 standard 2.5%.
Additionally, transacting to 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 around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards for payment or deposit. Nft Solid Channel
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of 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 look at the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. Nft Solid Channel
They also offer a range of digital currency, which makes it one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
While it is open source and has one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Solid Channel
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team can be reached via their contact form. Go to their website, and look for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, which means they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via its contact forms. Just go to the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they fluctuate at regular intervals.