OpenSea has become one of the top markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you’d rather watch videos instead, take a look at the channel’s review. They’ll guide you through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go over the basics before we look into its fees and what it has to offer.
Before you continue, you may want to check out 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.
What is OpenSea? Nft Stock Plays
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is complete the digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even old technology.
As for NFTs, you can gather avatars and digital pet, or any other characters that could be traded or acquired. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT became a reality. As of today, you can also do the same with digital art. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards such as those of Sorare or BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects and even virtual land. A well-known illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain functions. Examples come from 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 any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is to list them in the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller is the one to charge the cost of the NFT. As the name implies it is not subject to change.
For the Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
If you’re looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will only be issued as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers get up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards to pay or transfer funds. Nft Stock Plays
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. Nft Stock Plays
They also offer several types of digital currency, which makes them one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
While it is decentralized and offers one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order 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 why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Stock Plays
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it through 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 fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team you can contact through its contact forms. Just go to the official site and look on the page for “Submit a request.”
Can you make 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 the items, post them for auction. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they constantly change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach through its contact forms. Go to their official website and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is gas-free and easy but you could also go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, therefore they fluctuate every now and then.