OpenSea has become one of the most popular platforms for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has always been the most popular 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 rather take a look at videos instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like to read, let’s look over the basics before we examine its 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 overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Uganda
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange 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 the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or old technology.
For NFTs, you can collect avatars and digital pet or any other characters that could be sold or taken home. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT was invented. In the present you can do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected, like animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters, or even virtual worlds. A popular instance can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to 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 have to do is list them in the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. The choices are:
The seller will be the one to pay the price that is the NFT. Just as the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost competitive.
However, you must understand that some NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For example, game developers are paid as much as 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or transfer funds. Nft Uganda
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 take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Nft Uganda
They also offer a range of digital currency, making their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.
While it is decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as 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 establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is what makes it captivating for 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 allows users to transact without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Uganda
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Go to their official website and search for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, which means they fluctuate every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support team you can contact through their contact form. Go to their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, so they change every now and then.