OpenSea has become one of the most popular markets for NFTs. It’s also the first to launch a platform like this over the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer the written word, look over what it is before we look into its fees and what it has to offer.
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 the article for a more comprehensive review.
What is OpenSea? Palm Nft Platform
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d like to purchase. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s take a closer examine each.
Music is among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or the older technologies.
In the case of NFTs, you can gather avatars, digital pets or any other characters that could be traded or taken home. The more rare they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. As of today it is possible to create digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual lands. One popular example is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be 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 selling options?
Selling your products on OpenSea is easy. All you need to do is to list them on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a single-use gas charge.
You can currently select among five selling options. They are:
The seller is the one to pay the price that is the NFT. Just as the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and will list the minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid, non-fungible token once 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.
It is also important to be aware that some NFTs have extra commissions. For example, game developers receive 15 percent or more as 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 crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit or debit cards for payment or make a deposit. Palm Nft Platform
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Palm Nft Platform
They also offer several types of digital assets, which makes them one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it is decentralized and offers one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Palm Nft Platform
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach via their contact form. Visit their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, 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 you can utilize. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through their contact form. Go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by 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 in accordance with the current market conditions, so they constantly change at regular intervals.