OpenSea has become one of the most popular platforms for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with a good marketplace can give you the leverage you require. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d prefer to watch videos instead, you can check out this channel’s review. They’ll walk you through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you like the written word, look over the basics before we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Space Jam
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in 2018 in 2018 by 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 which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is successful your digital assets won’t leave your wallet. In addition, you don’t have to open an 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. 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 purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even older technology.
For NFTs, you can collect avatars, digital pets and other characters that can be sold or taken home. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT became a reality. In the present it is possible to make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards like those from Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things like game elements as well as the VR environment characters, virtual objects and even virtual land. A well-known example could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be 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 need to do is post them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select among five selling options. The choices are:
The seller will be the one who will be charged the cost that is the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in time. Sellers usually set very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers receive up to 15% 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’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal, credit, or debit cards for payment or make a deposit. Nft Space Jam
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in blockchain or coding. Nft Space Jam
They also provide a variety of digital assets, making their platform one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Although it’s open source and has one of the largest NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Space Jam
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Visit the official site and search 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 add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, so they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Go to their website, and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, so they constantly change from time to time.