OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can provide the leverage you require. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you’d rather watch videos instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll look over what it is before we look into its fees and what it has to offer.
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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Recommended Soil Less Medium For Nft
OpenSea is a marketplace for non-fungible currency, also known 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 only limited to art, music game items, domain names.
It was established in 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 and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave your account. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can use their search engine to search for NFTs that you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or old technology.
As for NFTs, you can gather avatars, virtual pets, and other characters that can be traded or taken home. The more rare they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT became a reality. In the present you can do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards such as those from Sorare and BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual lands. A well-known illustration can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select from five options for selling. They are:
The seller will be the one who will be charged the cost of the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via 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 make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers get 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment for or deposit. Recommended Soil Less Medium For Nft
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 of using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Recommended Soil Less Medium For Nft
They also provide a variety of digital currency, which makes them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
While it is open source and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Recommended Soil Less Medium For Nft
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via its contact forms. Visit their official website and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, so they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it 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 have a support team?
Yes they do have a support team that you can reach through the contact page. Just go to their official website and look at “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they constantly change at regular intervals.