OpenSea is now one of the leading platforms for NFTs. It’s also the first one to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with a good marketplace can give you the leverage you require. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to watch a video instead, take a look at the review of this channel. They’ll walk you through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
For those who prefer the written word, 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? What Is Nft For Bootlegs
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by the users, not the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can use their browser to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even older technology.
For NFTs, you can collect avatars and digital pet, and other characters that can be traded or collected. The rarer they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT came to be. As of today you can create digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters, or even virtual lands. A popular example can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list your products on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. They are:
The seller is the one to charge the cost of the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT to sell and list a 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 at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be minted as a valid token that is non-fungible once your NFT bid has been accepted. The cost of the process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid up to 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or transfer funds. What Is Nft For Bootlegs
The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about coding or blockchain. What Is Nft For Bootlegs
They also offer a range of digital asset, which makes it one of the largest NFT marketplaces. The low platform charges are also a good way for you to make more money.
Although it’s decentralized and offers one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ What Is Nft For Bootlegs
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through its contact forms. Just go to their official website and look on the page 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 the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they fluctuate from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through their contact form. Just go to the official site and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, which means they constantly change every now and then.