OpenSea has become one of the top markets for NFTs. It’s also the first to launch a platform like this over the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you prefer to take a look at a video instead, take a look at the channel’s review. They’ll walk users through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll go over the basics before 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? About Nft Art Finance
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Since they’re an open 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.
This means that unless the transaction is complete your digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
For those who are buyers you can use their browser to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music could be among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds 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, film props, or the older technologies.
As for NFTs, you can collect avatars, virtual pets or any other characters that could be traded or collected. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. As of today you can do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR space and other elements can be purchased. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters, or even virtual lands. A popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is list your products on the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from five options for selling. The choices are:
The seller is the one to pay the price of the NFT. Like the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers usually set very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price drops with time. When it comes to 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 if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings that are sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% cost affordable.
But, it is important to be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game designers get up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or transfer funds. About Nft Art Finance
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. About Nft Art Finance
They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.
Although it is decentralized and offers one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ About Nft Art Finance
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 on your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through their contact form. Visit their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, which means they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through their contact form. Go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free but you could also look over their instructional videos.
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 to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, which means they fluctuate from time to time.