OpenSea is now one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at videos instead, check out the review of this channel. They’ll guide the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like to read, let’s look over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Pipe Frame Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to users, not the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.
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 typically fall into. Let’s examine each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even old technology.
For NFTs, you can collect avatars, virtual pets, and other characters that can be sold or acquired. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. As of today it is possible to create digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters and even virtual land. One popular example is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select from five options for selling. They are:
The seller will be the one who will be charged the price for the NFT. Just as the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease over time. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee competitive.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers get up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or make a deposit. Pipe Frame Nft
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. Pipe Frame Nft
They also offer several types of digital asset, making it one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Pipe Frame Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your phone on the go, your browsers must 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 start.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via the contact page. Visit their official website and look for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they fluctuate at regular intervals.
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 on your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via its contact forms. Just go to the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions 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 regular fees. The price is determined in accordance with the current market conditions, which means they change at regular intervals.