OpenSea has become one of the top platforms for NFTs. It was the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d prefer to take a look at a video instead, check out the channel’s review. They’ll guide the user through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you prefer to read, let’s go over the basics before we examine its costs and what it can offer.
Before you go on, 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 of OpenSea.
What is OpenSea? Supre Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed 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 interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to search for NFTs that you’d like to buy. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a look at each.
Music could be among the most well-known NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items like baseball cards, movie props, or even older technology.
As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be sold or acquired. The rarer they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT came to be. In the present it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters, or even virtual worlds. One popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy 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 from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price and auction type then you’re all set.
If you are a first-time seller you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller is the one to pay the price for the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers typically set up very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost affordable.
However, you have to be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will depend on the market, but you can expect it to be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers receive as much as 15% 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’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, and debit card to make payments for or deposit. Supre Nft
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. Supre Nft
They also offer a range of digital asset, making their platform one of the most popular NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it’s decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Supre Nft
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support team you can contact through their contact form. Just go to their website, and search for “Submit a request.”
Are you able to make 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. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
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 periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via their contact form. Go to the official site and look at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, therefore they change from time to time.