OpenSea is now one of the most popular marketplaces for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will help you get the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, you can check out the review of this channel. They’ll walk you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll look through what it is prior to we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Pvc Fence Nft Systems
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was established in the year the year 2018 by 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 and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Since they are an open marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is complete, your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you need is to have a web3-enabled wallet.
For those who are buyers you can use their browser to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even the older technologies.
In the case of NFTs, you can gather avatars and digital pet or any other characters that could be traded or taken home. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT came to be. Today you can make the same thing with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards like those from Sorare as well as BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters, or even virtual worlds. One popular example is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from 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. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller is the one who will be charged the price that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers are paid up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards to pay for or make a deposit. Pvc Fence Nft Systems
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains 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 has no centralization, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Pvc Fence Nft Systems
They also provide a variety 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 is decentralized and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs are also 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 cater to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Pvc Fence Nft Systems
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via their contact form. Visit their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, which means they fluctuate at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Visit their official website and look for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, therefore they constantly change every now and then.