OpenSea is now one of the leading markets for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced 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 enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can provide the leverage you require. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d rather watch videos instead, take a look at the review of this channel. They’ll guide you 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 can 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Parsley Nft
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re an open marketplace, they have intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is complete, your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d like to buy. 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 you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or acquired. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT was invented. As of today you can do the same with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards like those of Sorare and BCCG.
Digital items related to sports are also available, such as animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual worlds. One popular illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller will be the one to charge the cost for the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you are looking to sell several NFTs within 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 is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
However, you must understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers are paid as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, or debit cards to pay for or deposit. Parsley Nft
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Parsley Nft
They also offer a range of digital assets, making it one of the biggest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it is decentralized and offers one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Parsley Nft
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via their contact form. Visit their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, therefore they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through their contact form. Go to the official site and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, therefore they fluctuate at regular intervals.