OpenSea has become one of the most popular platforms for NFTs. It was the first to launch a platform like this over the years. 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 interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can provide the leverage you require. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll look over the basics before we go over the costs 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 Stocks Meaning
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete, your digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, movie props, or even older technology.
As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be traded or taken home. The rarer they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT became a reality. Today you can do the same with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR spaces and elements 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 or even virtual lands. One popular illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller will be the one who will be charged the price that is the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. 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. It’s opposite to auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you’re looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion 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 costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee competitive.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers get as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit or debit cards for payment or deposit. Nft Stocks Meaning
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. Nft Stocks Meaning
They also provide a variety of digital asset, making it one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
While it is open source and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes 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 percentage cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Stocks Meaning
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to get started.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via the contact page. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support team you can contact through their contact form. Visit their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they change every now and then.