OpenSea is now one of the leading marketplaces for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will help you get the leverage you require. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at a video instead, you can check out this channel’s review. They’ll guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we go over the costs and what it has to offer.
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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Opticon Nft 2100
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which 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 post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets on this platform belong to users, not the platform. Because they’re an open marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or old technology.
For NFTs, you can collect avatars and digital pet or other characters that can be traded or collected. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT was invented. As of today, you can also make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A well-known example is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is list them in 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 and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. These are:
The seller is the one to pay the price that is the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fall over time. Sellers generally set high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers receive up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment for or deposit. Opticon Nft 2100
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the 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 that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Opticon Nft 2100
They also provide a variety of digital currency, making them one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
Although it’s decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Opticon Nft 2100
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through their contact form. Just go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, so they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through the contact page. Just go to their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from 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 by the market, so they constantly change every now and then.