OpenSea has become one of the top platforms for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d rather take a look at a video instead, check out this channel’s review. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll look over what it is before we look into its fees 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? What Does Nft Men
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your account. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even the older technologies.
As for NFTs, you can gather avatars, digital pets, and other characters that can be sold or collected. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. Today, you can also create digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters and even virtual land. A well-known instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be 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 on OpenSea is simple. All you need to do is to list your products on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select among five selling options. These are:
The seller is the one who will be charged the cost for the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in time. Sellers generally set expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments for or make a deposit. What Does Nft Men
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using 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 take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. What Does Nft Men
They also provide a variety of digital currency, which makes them one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it’s decentralized and offers one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ What Does Nft Men
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via its contact forms. Just go to the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees 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 periodic fees. The price is determined by the market, so they fluctuate at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via their contact form. Go to their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, therefore they change every now and then.