OpenSea has become one of the top platforms for NFTs. It was the first to release such a platform over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at videos instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll go through what it is prior to we examine its 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Post Malone Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can use their search engine to find NFTs you’d prefer to purchase. 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 buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or older technology.
As for NFTs, you can gather avatars and digital pet, and other characters that can be traded or collected. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT was invented. As of today it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards like those from Sorare as well as BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses or other things like game objects as well as the VR environment virtual objects, characters, and even virtual land. A popular instance could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list your products on the marketplace. You only have to make sure your account is linked. Once you’ve added the price and the type of auction then you’re all set.
For the first time sellers who are 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 for the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers typically set up very high prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be issued as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers get 15 percent or more commissions on the products 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 own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment for or deposit. Post Malone Nft
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with 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 benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. Post Malone Nft
They also offer several types of digital currency, which makes them one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Although it’s open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Post Malone Nft
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Visit their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have 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 a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, which means they fluctuate every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via its contact forms. Visit the official site and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they fluctuate at regular intervals.