OpenSea has become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to watch a video instead, check out the review of this channel. They will guide you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer to read, let’s go over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Take Over
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users 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 founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by the users, not by the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or older technology.
In the case of NFTs, it is possible to collect avatars, digital pets, and other characters that can be sold or acquired. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT was invented. In the present it is possible to create digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual worlds. A popular illustration is Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the price for the NFT. Like the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money 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 types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee affordable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers are paid up to 15% as commissions for items 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, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards for payment for or make a deposit. Nft Take Over
The NFTs can only be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in blockchain or coding. Nft Take Over
They also offer several types of digital asset, which makes their platform one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
While it is decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been 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 be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Take Over
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through its contact forms. Just go to their website, and look for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Go to their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, therefore they change at regular intervals.