OpenSea is now one of the top platforms for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs beginning with an established marketplace will provide the leverage you require. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you prefer to take a look at videos instead, check out the review of this channel. They’ll guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll go over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Tom Brady Nft Platform
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets on the platform are owned by the users, not the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an 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, some people invested in collectibles like baseball cards, film props, and even older technology.
For NFTs, you can gather avatars and digital pet, and 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 well-known NFT since before NFT became a reality. In the present you can do the same with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
It is also possible to collect digital trading cards like those of Sorare and BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR space and other elements are now available for purchase. You can buy these metaverses or other things such as game items as well as the VR environment characters, virtual objects and even virtual land. A well-known instance could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller will be the one to pay the price of the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT to sell and list the minimum price. This is different from the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells it 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. Then you can sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee reasonable.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be minted as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers are paid 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit and debit card to make payments or deposit. Tom Brady Nft Platform
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Tom Brady Nft Platform
They also provide a variety of digital currency, which makes it one of the most popular NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Tom Brady Nft Platform
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your mobile phone, 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 begin.
Does OpenSea have a support team?
Yes they have a customer support team can be reached via their contact form. Go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means 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 utilize. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through their contact form. Visit their official website and search for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, which means they fluctuate from time to time.