OpenSea has grown to become one of the leading markets for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you prefer to watch videos instead, check out this channel’s review. They’ll guide you through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer the written word, go over the basics before 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 the article for a more comprehensive review.
What is OpenSea? Using Round Pvc For Nft
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange 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 the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not by the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you need 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 prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s examine each.
Music could be among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even older technology.
For NFTs, you can collect avatars, digital pets, or any other characters that could be traded or taken home. The more rare they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. Today it is possible to create digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment characters, virtual objects and even virtual land. One popular example can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is list your products on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
The seller will be the one to charge the cost for the NFT. Just as the name suggests the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via 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 are available in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent cost affordable.
But, it is important to understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers get up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up 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. Using Round Pvc For Nft
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about blockchain technology or programming. Using Round Pvc For Nft
They also offer several types of digital assets, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it’s open source and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Using Round Pvc For Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team you can contact through the contact page. 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 add the item to your collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, which means they fluctuate at regular intervals.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should 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 do have a support staff that you can reach through their contact form. Visit their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt 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 fluctuate at regular intervals.