OpenSea has grown to become one of the leading markets 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 even more popular since celebrities and celebrities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an established marketplace will help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you prefer to take a look at a video instead, check out the review of this channel. They’ll guide the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll go over what it is before we examine its costs and what it has to offer.
Before you go on, you may want to watch 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 of OpenSea.
What is OpenSea? Nft Veterans Boycott Empty Seats
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music game items, 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 collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your account. In addition, you don’t have to make your account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even older technology.
For NFTs, you can collect avatars and digital pet or any other characters that could be sold or acquired. The rarer they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. As of today, you can also make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR environments and components 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 and even virtual land. A well-known example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is list them on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. They are:
The seller is the one to charge the price for the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fall in time. Sellers typically set up very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. 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 will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them on the marketplace.
If you are looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost competitive.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers receive 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards for payment for or deposit. Nft Veterans Boycott Empty Seats
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Veterans Boycott Empty Seats
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. Low platform costs are also a great way for you to make more money.
Although it’s open source and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Veterans Boycott Empty Seats
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Visit their official 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 have make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via its contact forms. Go to their website, and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they constantly change at regular intervals.