OpenSea is now one of the top marketplaces for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can give you the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to watch videos instead, check out the channel’s review. They’ll guide the user through OpenSea and its functions so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s go over the basics 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Topps Digital Nft
OpenSea provides a platform for 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 only limited to art, music game items, domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to look for NFTs you’d like to buy. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even the older technologies.
In the case of NFTs, you can collect avatars, digital pets, or other characters that can be sold or collected. The rarer they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. In the present it is possible to do the same with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses and other things such as game items as well as the VR environment virtual objects, characters or even virtual lands. A well-known instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples come 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 by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose among five selling options. The choices are:
The seller is the one to charge the price of the NFT. Just as the name suggests it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers are paid up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit or debit cards to pay or make a deposit. Topps Digital Nft
The NFTs can 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 can 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, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in blockchain or coding. Topps Digital Nft
They also offer a range of digital assets, making them one of the largest 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 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.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without worrying about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Topps Digital Nft
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team can be reached via their contact form. Visit their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can 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 sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, so they change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via their contact form. Go to their website, and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, therefore they constantly change at regular intervals.