OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d rather watch a video instead, check out the channel’s review. They’ll walk users through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
For those who prefer the written word, go through what it is prior to we go over the costs and the benefits it offers.
Before you go on, 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Nifties Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets on the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is successful your digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can utilize their website to look for NFTs you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even old technology.
For NFTs, it is possible to collect avatars, virtual pets or other characters that can be traded or acquired. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT was invented. Today, you can also do the same with digital artworks. It’s not just limited to digital illustrations or paintings. 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 those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses or other things such as game items, the VR environment, virtual objects, characters, and even virtual land. A well-known illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and auction type then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select among five selling options. These are:
The seller will be the one to charge the price of the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be created 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 it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers are paid up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards to pay or transfer funds. Nifties Nft
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. Nifties Nft
They also provide a variety of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.
Although it’s decentralized and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy or security. Furthermore, 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 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nifties Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Go to the official site and search at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team you can reach through its contact forms. Just go to their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, so they constantly change from time to time.