OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can help you get the leverage you need. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, check out the review of this channel. They’ll guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll go over the basics before we go over the costs and the benefits it offers.
Before you continue, 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 the article for a more comprehensive review.
What is OpenSea? Real T Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is complete, 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 use their browser to look for NFTs you’d like to buy. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music could be among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
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 collect avatars, virtual pets, or any other characters that could be sold or collected. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT was invented. As of today it is possible to create digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Sports-related digital items can also be collected such as animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses or other things such as game items, the VR environment, characters, virtual objects or even virtual lands. A well-known instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is to list them on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose among five selling options. They are:
The seller will be the one to pay the cost of the NFT. Like the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers typically set up very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest 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 multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent fee reasonable.
However, you must be aware that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be issued as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers receive as much as 15% 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 own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment or transfer funds. Real T Nft
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they can 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 secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Real T Nft
They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
While it is open source and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Real T Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they do 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 earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through the contact page. Just go to their website, and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate from time to time.