OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first one to release such a platform throughout the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is a long read. If you prefer to watch a video instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like the written word, go over the basics before we go over the costs 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Over Under Nft Week 11
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets listed in the marketplace are held by the users, not by the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from 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.
In the event that you’re buying you can use their browser to look for NFTs you’d like to buy. There are filters that can simplify 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. There are eight categories to which they are typically placed. Let’s have a examine each.
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or older technology.
For NFTs, you can gather avatars, digital pets and other characters that can be sold or collected. The rarer they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT became a reality. Today, you can also do the same with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards such as those of Sorare or BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR spaces and elements can now also be bought. You can buy 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 could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is post your products on the marketplace. You only have to make sure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller is the one to charge the cost that is the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set high prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% cost affordable.
However, you have to be aware that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers receive as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay or transfer funds. Over Under Nft Week 11
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the 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 examine the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about coding or blockchain. Over Under Nft Week 11
They also provide a variety of digital assets, making them one of the largest NFT marketplaces. Low platform charges are also a good method to earn more income.
While it is open source and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Over Under Nft Week 11
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should 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 can be reached via its contact forms. Just go to the official site and look at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, which means they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it with 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 filled with money to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through their contact form. Visit their website, and search for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, so they constantly change from time to time.