OpenSea is now one of the top platforms for NFTs. It was the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you prefer to watch videos 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 dive into NFT trading.
If you like reading, we’ll go over the basics before we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Round 9 Nft Results 2021
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice 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 a decentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. In addition, you don’t have to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars and digital pet, and other characters that can be traded or acquired. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. In the present you can do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things like game objects, the VR environment, characters, virtual objects and even virtual land. A popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list your products on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and 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.
At present, you can select among five selling options. These are:
The seller will be the one to charge the cost of the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after 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 different from that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost reasonable.
However, you must be aware that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will depend on the market, but you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers are paid as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, or debit cards for payment or make a deposit. Round 9 Nft Results 2021
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in coding or blockchain. Round 9 Nft Results 2021
They also offer several types of digital currency, which makes them one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it is open source and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying 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.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Round 9 Nft Results 2021
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via its contact forms. Just go to the official site and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, which means they fluctuate every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Just go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, which means they constantly change at regular intervals.