OpenSea is now one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch videos instead, check out the review of this channel. They’ll walk you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer the written word, look over the basics before we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Which Nft Teams This Week Took A Knee
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs 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 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in this platform belong to users, not the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
If the transaction is successful your digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, 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 more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever 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 invested in collectibles such as baseball cards film props, or older technology.
In the case of NFTs, you can gather avatars, digital pets, or other characters that can be traded or collected. The more rare they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. In the present you can create digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.
There is also the possibility of collecting digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A popular illustration can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is to list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and auction type then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
The seller is the one to pay 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 fluctuate in time. Sellers usually set very high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular galleries earn money by getting a share 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 you a 5% per sale, which makes OpenSea’s 2.5 percent fee affordable.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or deposit. Which Nft Teams This Week Took A Knee
The NFTs can be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no any experience or expertise in coding or blockchain. Which Nft Teams This Week Took A Knee
They also offer a range of digital currency, making them one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Although it’s decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Which Nft Teams This Week Took A Knee
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it with 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 start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via its contact forms. Just go to their website, and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are 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 has a mobile and desktop browser users can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach through the contact page. Visit their official website and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.