OpenSea has become one of the leading platforms for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea is always 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 videos instead, take a look at this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you like the written word, look through what it is prior to we examine its costs and what it can 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 our article for a more comprehensive review.
What is OpenSea? Nft Y Derechos De Autor
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to users, not by the platform. Since they’re an open marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars, digital pets, or other characters that can be traded or acquired. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. In the present, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, or even virtual worlds. A popular illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting 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 to list them in 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.
If you are a first-time seller, you will be subjected to a single-use gas charge.
At present, you can select from 5 selling options. They are:
The seller is the one who will be charged the cost of the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers usually set very high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists the minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee competitive.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment for or make a deposit. Nft Y Derechos De Autor
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft Y Derechos De Autor
They also offer a range of digital asset, which makes it one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Although it’s decentralized and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Y Derechos De Autor
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through its contact forms. Visit their official website and look for “Submit a request.”
Can you earn money 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. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they change every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it on 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 filled with money to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through its contact forms. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, therefore they change every now and then.