OpenSea is now one of the leading markets for NFTs. It’s also the first one to launch a platform like this 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 famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you prefer to watch videos instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer reading, we’ll go over what it is before we look into its fees and what it has to offer.
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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Sending Btc In An Nft
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even the older technologies.
As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be traded or collected. The rarer they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT became a reality. In the present it is possible to create digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.
You can also collect digital trading cards such as those of Sorare and BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses or other things such as game items as well as the VR environment virtual objects, characters and even virtual land. A popular example can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select among five selling options. They are:
The seller is the one to charge the cost for the NFT. As the name implies the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers generally set high prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose 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. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you have to be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the 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 some NFTs charge additional commissions. For instance, game designers receive 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay for or deposit. Sending Btc In An Nft
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Sending Btc In An Nft
They also offer a range of digital assets, making their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it is open source and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Sending Btc In An Nft
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through their contact form. Visit their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, which means they fluctuate every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach via the contact page. Go to their website, and look for “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 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 could also go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, therefore they change every now and then.