OpenSea is now one of the top platforms for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an established marketplace will help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is a long read. If you prefer to take a look at a video instead, you can check out this channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer the written word, go over what it is before we look into its fees and what it has to offer.
Before you continue, you may want to check out 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 of OpenSea.
What is OpenSea? Where To Buy Ethernity Nft
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange 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 founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets on this platform belong to the users, not by the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even old technology.
For NFTs, you can gather avatars, virtual pets, or any other characters that could 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 is always one of the most popular NFT prior to when NFT became a reality. In the present it is possible to do the same with digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or short video clips.
You can also collect digital trading cards, such as those from Sorare or BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters and even virtual land. A popular instance can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. 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. You only have to ensure that your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
The seller is the one who will be charged the price for the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller decides on a price which will fall over time. Sellers generally set high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.
But, it is important to know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers receive 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need 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, debit, or debit cards for payment or transfer funds. Where To Buy Ethernity Nft
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can 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 of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. Where To Buy Ethernity Nft
They also offer a range of digital assets, making it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
While it is decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Where To Buy Ethernity Nft
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it through your mobile phone, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via the contact page. Go to the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, which means they change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to 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 search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, so they change from time to time.