OpenSea has become one of the top marketplaces for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you’d prefer to watch a video instead, take a look at the channel’s review. They’ll guide you 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 what it is before we go over the costs and what it has to offer.
Before you go on, you may want to check out 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.
What is OpenSea? Nft Trading Cards Nba
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was founded in 2018 in 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 and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is completed the digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
As for NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or taken home. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT became a reality. In the present it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects or even virtual worlds. A well-known illustration is Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain 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 on OpenSea is easy. All you have to do is post them in the marketplace. It’s all you have to do is ensure that 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 one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller will be the one to pay the cost that is the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold in the marketplace.
If you are 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 fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the price 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 will only have to pay 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost reasonable.
However, you have to understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot 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 use PayPal credit, debit, or debit cards for payment for or deposit. Nft Trading Cards Nba
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Nft Trading Cards Nba
They also provide a variety of digital asset, which makes it one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it’s open source and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Trading Cards Nba
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team you can contact through its contact forms. Visit their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they fluctuate at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through the contact page. Go to their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, therefore they fluctuate at regular intervals.