OpenSea is now one of the top platforms for NFTs. It was the first to release such a platform in the past. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can provide the leverage you need. That’s why we made this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch videos instead, check out this channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer the written word, go over what it is before we look into its fees and the benefits it offers.
Before you continue, 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 of OpenSea.
What is OpenSea? OpenSea In Chinese Language
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not the platform. Because they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your account. In addition, you don’t have to open an account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, you can collect avatars, digital pets, or other characters that can be traded or taken home. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. As of today, you can also create digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment characters, virtual objects or even virtual lands. A well-known instance is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names 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 post them on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. These are:
The seller will be the one to charge the cost of the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% cost affordable.
However, you must understand that some NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart of the required 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be minted as a valid token that is non-fungible following the time 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 certain NFTs earn extra commissions. For instance, game designers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot 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, or debit cards to pay for or transfer funds. OpenSea In Chinese Language
The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. OpenSea In Chinese Language
They also offer a range of digital assets, making their platform one of the largest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
While it is decentralized and offers one of the largest NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ OpenSea In Chinese Language
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Go to their official website and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, so they fluctuate at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through the contact page. Go to the official site and look 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 be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they change from time to time.