OpenSea is now one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind 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 their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from an appropriate marketplace can provide the leverage you need. That’s why we made this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite a long 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 dive into NFT trading.
If you prefer to read, let’s look over the basics before we look into its fees 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Tray How Many Lights Do You Need For A 8 Foot Table
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was created 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 among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Since they are an open marketplace, they use intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
If the transaction is completed your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their browser to find NFTs you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s take a closer look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds 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 like baseball cards, movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets, or other characters that can be sold or acquired. The more rare they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT came to be. Today it is possible to create digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Sports-related digital items 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 things like game elements and the VR environment virtual objects, characters or even virtual lands. One popular example is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. These are:
The seller is the one to charge the price for the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and lists a minimum price. It’s opposite to the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve 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 on the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea You will only have 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 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For example, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards for payment or make a deposit. Nft Tray How Many Lights Do You Need For A 8 Foot Table
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted 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 look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft Tray How Many Lights Do You Need For A 8 Foot Table
They also provide a variety of digital assets, making them one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to make more money.
Although it is decentralized and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Tray How Many Lights Do You Need For A 8 Foot Table
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet 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. Go to their website, and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, therefore they change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Visit their website, and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have 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 auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees 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 through the marketplace, so they fluctuate at regular intervals.