OpenSea has become one of the leading platforms for NFTs. It’s also the first to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an established marketplace will give you the leverage you require. This is the reason we created 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 quite an extensive read. If you’d prefer to watch videos instead, take a look at this channel’s review. They will guide the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you prefer to read, let’s look over what it is before we examine its costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Wholesale Nft Channel
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy 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 established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets listed in this platform belong to users, not the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is complete your digital assets will never leave your account. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be sold or collected. The rarer they are the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. Today it is possible to make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards such as those of Sorare as well as BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses or other things such as game items and the VR environment characters, virtual objects or even virtual worlds. One popular instance is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
At present, you can select among five selling options. The choices are:
The seller will be the one to charge the price of the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers usually set very high prices. As time passes, the price decreases until it’s 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 reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee affordable.
However, you must know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game developers receive up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like 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 use PayPal credit, debit, or debit cards for payment for or make a deposit. Wholesale Nft Channel
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. Wholesale Nft Channel
They also provide a variety of digital assets, making them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it’s decentralized and offers one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Wholesale Nft Channel
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team you can contact through their contact form. Just go to their official website and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach through its contact forms. Go to their website, and look at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy but you could also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they constantly change every now and then.