OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has experienced 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 their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d rather take a look at a video instead, take a look at the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer reading, we’ll look through what it is prior to we look into its fees and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? What Cats Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking losing their NFT ownership.
If the transaction is complete, your digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to find NFTs you’d like to buy. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s take a closer look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even the older technologies.
As for NFTs, you can collect avatars, digital pets, or other characters that can be sold or collected. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. Today it is possible to create digital art. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those from Sorare and BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual lands. One popular illustration is Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one to pay the price for the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price decreases with time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be created as a valid, non-fungible token once your NFT bid is accepted. The price for this process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers get 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit or debit cards for payment or deposit. What Cats Nft
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with 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 look at the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. What Cats Nft
They also offer a range of digital currency, making their platform one of the biggest 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 largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ What Cats Nft
What are the requirements I must meet before I can make use of 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. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via the contact page. Go to their website, and search 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 add it to the collection. When 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 gas fees?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, so they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through the contact page. Go to 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 to do is create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, so they fluctuate from time to time.