OpenSea has grown to become one of the top platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can give you the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you prefer to take a look at a video instead, take a look at the channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we examine its costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Vohn Miller Nft Player
OpenSea provides a platform for 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 available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not by the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful your digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like to purchase. They also offer filters to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer examine each.
Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the 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 invested in collectibles such as baseball cards, film props, and even old technology.
As for NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or acquired. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT was invented. As of today you can make the same thing with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Digital items related to sports are also available, such as animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual worlds. A popular example is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is list them on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. The choices are:
The seller will be the one to charge the price that is the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
If you want to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, and debit card to make payments for or make a deposit. Vohn Miller Nft Player
The NFTs can be purchased or traded when your cryptocurrency 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 drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Vohn Miller Nft Player
They also offer a range of digital currency, making them one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Although it is decentralized and offers one of the largest 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.
You will also need to set up your own crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Vohn Miller Nft Player
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through the contact page. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the costs for gas?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach through their contact form. Just go to the official site and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post 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 fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they change at regular intervals.