OpenSea is now one of the leading marketplaces 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 celebrities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can help you get the leverage you require. 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 go on our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like to read, let’s 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Tip And Ticks To Auction On OpenSea
OpenSea provides a platform that deals in non-fungible tokens, 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 restricted to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on this platform belong to the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to look for NFTs you’d like to purchase. They also offer filters to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, or the older technologies.
As for NFTs, you can collect avatars, digital pets, or any other characters that could be sold or taken home. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT became a reality. In the present, you can also create digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
You can also collect digital trading cards such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters or even virtual lands. One popular instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as 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 options for selling?
Selling your products on OpenSea is easy. All you have to do is post them in the marketplace. You only have to ensure your account is linked. Once you’ve added your price and type of auction then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
The seller is the one to pay the cost of the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the 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 only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge 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 per cent fee affordable.
However, you must understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers are paid as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit and debit card to make payments for or transfer funds. Tip And Ticks To Auction On OpenSea
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in blockchain or coding. Tip And Ticks To Auction On OpenSea
They also offer a range of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it’s decentralized and offers one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea provides 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 financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Tip And Ticks To Auction On OpenSea
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to get started.
Does OpenSea have a support team?
Yes they do have a support team can be reached via the contact page. Just go to their website, and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then 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 accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, therefore they change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through their contact form. Just go to their official website and search on the page for “Submit a request.”
Are you able to make 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 sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they change every now and then.