OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an established marketplace will help you get the leverage you need. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you’d rather watch a video instead, you can check out this channel’s review. They will guide you through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you prefer the written word, go over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Start Sit Week 10
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not by the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is complete, your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, you can gather avatars and digital pet or other characters that can be sold or acquired. The rarer they are the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT was invented. In the present, you can also do the same with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards such as those from Sorare and BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters or even virtual worlds. A well-known instance could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have 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 your price and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select among five selling options. The choices are:
The seller is the one to charge the price that is 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 decrease in the course of. Sellers usually set very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and will list the minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers receive up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay or make a deposit. Nft Start Sit Week 10
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 can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in blockchain or coding. Nft Start Sit Week 10
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it is open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. In addition, it doesn’t cost 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.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Start Sit Week 10
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via its contact forms. Just 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. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach through their contact form. Just go to the official site and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, therefore they constantly change at regular intervals.