OpenSea is now one of the leading platforms for NFTs. It was the first 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 also more well-known since celebrities and celebrities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like reading, we’ll go through what it is prior to we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Vertical Grow
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, or the older technologies.
For NFTs, it is possible to collect avatars, digital pets and other characters that can be traded or taken home. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. As of today you can make the same thing with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR space and other elements can be purchased. You can buy these metaverses, or other items like game elements, the VR environment, virtual objects, characters and even virtual land. A well-known illustration is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also 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 simple. All you need to do is post your products on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one to pay the price of the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will fall over time. Sellers usually set very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and will list the minimum price. This is different from that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% cost affordable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For example, game developers receive 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or make a deposit. Nft Vertical Grow
The NFTs are only able to be bought or sold when your cryptocurrency is supported 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 take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Vertical Grow
They also provide a variety of digital currency, which makes their platform one of the biggest NFT marketplaces. The low platform costs are also a great method to make more money.
Although it’s decentralized and has one of the most diverse NFT selections, it has some 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 set up your own crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Vertical Grow
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via the contact page. Go to their website, and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, therefore they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through their contact form. Just go to their website, and search on the page for “Submit a request.”
Are you able to mint 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. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they constantly change at regular intervals.