OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has always been 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 quite lengthy. If you prefer to take a look at a video instead, take a look at the channel’s review. They will guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll go over the basics before we examine its costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Trading Card Games
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or old technology.
For NFTs, you can gather avatars, virtual pets, and other characters that can be traded or acquired. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT came to be. Today it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual lands. A well-known illustration is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from five options for selling. They are:
The seller is the one who will be charged the cost of the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% fee competitive.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will vary based 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 designers receive as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit or debit cards for payment or make a deposit. Nft Trading Card Games
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about coding or blockchain. Nft Trading Card Games
They also offer a range of digital assets, which makes their platform one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it’s open source and has one of the largest NFT selections, it has its 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.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Trading Card Games
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team can be reached via their contact form. Visit their official website and search 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 add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, so they constantly change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers should be compatible 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 have a support staff?
Yes, they have a support team that you can contact through the contact page. Visit their website, and look on the page for “Submit a request.”
Do you have the ability 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 an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they change every now and then.