OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d rather take a look at a video instead, take a look at the channel’s review. They will guide users through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you like the written word, go over what it is before we examine its costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Vso Pensacola
OpenSea offers a market 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 restricted to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.
If the transaction is completed, your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can utilize their website to find NFTs you’d like to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even older technology.
As for NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or acquired. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT was invented. Today you can create digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected for example, animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses, or other items like game objects as well as the VR environment characters, virtual objects or even virtual worlds. A well-known instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time gas fee.
You can currently select among five selling options. They are:
The seller is the one to charge the price that is the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is 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 is required to put up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies 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 by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent fee affordable.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. The 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 conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, or debit cards to pay or deposit. Vso Pensacola
The NFTs can only be purchased or sold if your cryptocurrency 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 look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Vso Pensacola
They also provide a variety of digital asset, making them one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Although it’s decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Vso Pensacola
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support team that can be reached via their contact form. Just go to their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, therefore they change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through their contact form. Visit their website, and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they fluctuate from time to time.