OpenSea is now one of the leading platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an established marketplace will help you get the leverage you require. This is the reason we created this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, you can check out this channel’s review. They’ll walk users through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer reading, we’ll go over the basics before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Junkyard Dogs
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on this platform belong to users, not by the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is completed, your digital assets will never leave your account. In addition, you don’t have to create your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes of beats, remixes or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or acquired. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT became a reality. Today it is possible to create digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game elements and the VR environment characters, virtual objects or even virtual worlds. A well-known illustration is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them in the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one who will be charged the price for the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges 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. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will be minted 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 that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers get 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay for or make a deposit. OpenSea Junkyard Dogs
The NFTs can be bought or sold if your cryptocurrency is accepted 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 benefits and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain or coding. OpenSea Junkyard Dogs
They also provide a variety of digital assets, making them one of the largest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it’s decentralized and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency 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 growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ OpenSea Junkyard Dogs
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via its contact forms. Visit their website, and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, so they change at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your mobile phone, the browsers should be compatible 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 customer support team that you can reach through its contact forms. Visit the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, which means they change from time to time.