OpenSea is now one of the top platforms 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 become more popular investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from a good marketplace can give you the leverage you require. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at a video instead, take a look at this channel’s review. They’ll walk you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, go 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Pittsburgh Hosts Nft Draft
OpenSea offers a market 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 only limited to art, music, game items, and domain names.
It was created in the year 2018 with the help of 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 which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Since they’re an open marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to look for NFTs you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a review of each.
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars, digital pets, or any other characters that could be sold or acquired. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. As of today, you can also create digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards, such as those from Sorare and BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR environments and components can now also be bought. You can buy these metaverses or other things like game objects, the VR environment, characters, virtual objects and even virtual land. A well-known instance could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be 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 easy. All you have to do is list them 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.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select among five selling options. The choices are:
The seller is the one who will be charged the price for the NFT. As the name implies, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over time. Sellers usually set very high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and will list a minimum price. It’s opposite to that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the bid 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 are looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit and debit card to make payments or transfer funds. Pittsburgh Hosts Nft Draft
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that 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 safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Pittsburgh Hosts Nft Draft
They also offer several types of digital asset, which makes their platform one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Although it’s decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Pittsburgh Hosts Nft Draft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through the contact page. Go to their website, and search for “Submit a request.”
Are you able to mint 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 sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, so they change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Go to their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy but you could also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, which means they fluctuate from time to time.