OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at videos instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer the written word, go through what it is prior to 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Phish Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without risking their NFT ownership.
If the transaction is complete your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even old technology.
As for NFTs, you can gather avatars, virtual pets or other characters that can be sold or acquired. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT came to be. As of today you can create digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards like the ones from Sorare and BCCG.
Digital items related to sports are also available, such as animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual lands. One popular instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is post your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
For 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 will be the one who will be charged the price of the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fall in time. Sellers usually set very expensive prices. As time passes, the price 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 once they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers receive up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit and debit card to make payments for or make a deposit. Phish Nft
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Phish Nft
They also provide a variety of digital asset, making it one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
While it is decentralized and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Phish Nft
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team you can contact through the contact page. Go to their official website and search for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through the contact page. Go to their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they change from time to time.