OpenSea has become one of the leading markets for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can give you the leverage you require. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you’d rather take a look at a video instead, check out the review of this channel. They’ll walk you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like the written word, go over the basics before we look into its fees and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft System Craigslist
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not restricted 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 began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is completed the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, and even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets or other characters that can be traded or collected. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT was invented. As of today it is possible to create digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects or even virtual lands. A popular instance could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. They are:
The seller will be the one to charge the cost for the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller determines a price that will decrease over time. Sellers usually set very high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can 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 lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you want to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally 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 sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you have to know that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit or debit cards to pay for or make a deposit. Nft System Craigslist
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Nft System Craigslist
They also offer a range of digital currency, which makes it one of the most popular NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it’s open source and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft System Craigslist
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it with your mobile phone, the browsers must 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 has a support team?
Yes they have a customer support team that can be reached via the contact page. Just go to their official website 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 have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
These are transactions 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 periodic fees. The prices are driven by the market, so they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via its contact forms. Just go to their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
These are transactions 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 in accordance with the current market conditions, which means they constantly change at regular intervals.