OpenSea has become one of the leading platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will provide the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you’d rather watch a video instead, check out the review of this channel. They’ll walk the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like the written word, look through what it is prior to we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Palm Nft
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in 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 which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful the digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can use their browser to find NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, you can collect avatars and digital pet, or other characters that can be traded or acquired. The more rare they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. As of today you can create digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual worlds. A popular example can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose among five selling options. The choices are:
The seller will be the one to pay the price of the NFT. Just as the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid 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 mint your own NFTs via the platform. They can be sold on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee reasonable.
But, it is important to 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 can be costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers get as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or transfer funds. Palm Nft
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can 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 of using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Palm Nft
They also offer several types of digital currency, which makes it one of the largest NFT marketplaces. The low platform costs are also a great way for you to earn more income.
Although it’s decentralized and offers one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Palm Nft
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it with your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support staff that can be reached via the contact page. Just go to their official website and look 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 then add it to the collection. Once 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 that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, so they fluctuate at regular intervals.
What do I need to know 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 be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through its contact forms. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have 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 simple and free of gas but you could also check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, therefore they change every now and then.