OpenSea has become one of the top platforms for NFTs. It’s also the first one to release such a platform in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after 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 looking to invest through NFTs and want to start from a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d prefer to watch videos instead, you can check out the review of this channel. They will guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll go 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Polkamon Nft
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is complete the digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can use their browser 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 around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards movie props, or even old technology.
In the case of NFTs, you can gather avatars and digital pet or any other characters that could be sold or acquired. The more rare they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. Today you can make the same thing with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports are also available, such as animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual lands. A well-known instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. These are:
The seller is the one to pay the cost that is the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you have to know that certain 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 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers receive as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards to pay for or make a deposit. Polkamon Nft
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they are able to 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 making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in blockchain technology or programming. Polkamon Nft
They also offer a range of digital assets, making it one of the most popular NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it’s open source and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Polkamon Nft
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that can be reached via its contact forms. Go to 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 make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, so they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Visit their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.