OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is why we wrote this review – OpenSea has been for a long time 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 prefer to watch a video instead, check out this channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s go over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to watch 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.
What is OpenSea? Whale Nft
OpenSea is a marketplace 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 available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by 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 which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars, digital pets or other characters that can be sold or taken home. The more rare they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT became a reality. As of today it is possible to create digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected, such as animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. One popular illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. They are:
The seller will be the one who will be charged the cost 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 fall in the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. 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 reasonable.
However, you must understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be created as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers get up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, and debit card to make payments or deposit. Whale Nft
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Whale Nft
They also offer several types of digital asset, which makes them one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to make more money.
While it is decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Whale Nft
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Just go to the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through its contact forms. Visit their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need 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 could also check out their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, so they constantly change every now and then.