OpenSea is now one of the most popular markets for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather take a look at a video instead, take a look at the review of this channel. They’ll walk users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll go over what it is before we examine its costs and what it has to 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Upland Nft Game
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available 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 began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music may be one of the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or the older technologies.
As for NFTs, you can collect avatars, digital pets, and other characters that can be traded or collected. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT became a reality. As of today it is possible to create digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual worlds. One popular instance could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific functions. 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 from any person. 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 on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one who will be charged the cost for the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold on the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually 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 sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost reasonable.
But, it is important to know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be created as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers receive up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, 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 transfer funds. Upland Nft Game
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can 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 of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Upland Nft Game
They also offer several types of digital asset, making them one of the largest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
While it is decentralized and offers one of the most diverse NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as 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 enables its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Upland Nft Game
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via their contact form. Visit their website, and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, which means they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via the contact page. Go to their official website and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are the gas prices?
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 prices are driven in accordance with the current market conditions, which means they constantly change every now and then.