OpenSea has become one of the top marketplaces for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you’d rather watch a video instead, check out this channel’s review. They’ll guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you like the written word, look through what it is prior to we look into its fees 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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Td Ameritrade Nft Mutual Funds Best
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is complete 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.
For those who are buyers, you can use their browser to find NFTs you’d like to buy. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s examine each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even old technology.
In the case of NFTs, you can collect avatars, virtual pets, or other characters that can be traded or acquired. The rarer they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT came to be. As of today, you can also do the same with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters, or even virtual lands. A popular instance could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
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 account is linked. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. They are:
The seller will be the one to pay the price of the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will fall in the course of. Sellers generally set expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may 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. This is different from that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 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 percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost affordable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers get as much as 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit and debit card to make payments or make a deposit. Td Ameritrade Nft Mutual Funds Best
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported 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 examine the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in coding or blockchain. Td Ameritrade Nft Mutual Funds Best
They also provide a variety of digital asset, which makes their platform one of the biggest NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Although it’s decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Td Ameritrade Nft Mutual Funds Best
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
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 regular fees. The prices are driven in accordance with the current market conditions, therefore they change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Go to their website, and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.