OpenSea is now one of the top marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is lengthy. If you’d prefer to watch a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer the written word, go through what it is prior to we look into its fees and what it can 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.
What is OpenSea? Q Son Los Nft
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by users, not by the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you have to do is have a web3 supported wallet.
For those who are buyers you can use their browser to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds 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, or older technology.
For NFTs, you can gather avatars, virtual pets and other characters that can be sold or acquired. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. In the present you can create digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
The digital objects associated with sports can also be collected, such as animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. A popular illustration can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list your products on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and auction type, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
You can currently select among five selling options. They are:
The seller will be the one to pay the cost of the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller will put 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 with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you’re looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you must know that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be issued as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers get up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or make a deposit. Q Son Los Nft
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. Q Son Los Nft
They also offer several types of digital assets, making it one of the most popular NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it is open source and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is acceptable, given that some online stores could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Q Son Los Nft
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support team can be reached via its contact forms. Just go to the official site and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by 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 by the market, therefore they constantly change every now and then.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it on your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through its contact forms. Just go to the official site and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they fluctuate from time to time.