OpenSea is now one of the most popular platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will help you get the leverage you need. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to take a look at a video instead, take a look at the channel’s review. They will guide you through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll look over the basics before we look into its fees 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 overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Art Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by users, not the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
If the transaction is completed, your digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. You can also purchase 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 such as baseball cards, film props, or the older technologies.
In the case of NFTs, it is possible to collect avatars, digital pets or any other characters that could be traded or collected. The rarer they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. As of today, you can also do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards like the ones from Sorare and BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters, and even virtual land. A well-known instance can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains 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 easy. All you have to do is to list them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and auction type, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. The choices are:
The seller will be the one who will be charged the price for the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers usually set very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. 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 to sell and list a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells the auction 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 create your own NFTs through the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent fee affordable.
However, you have to know that certain 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 sales commission apart from the standard 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or transfer funds. Art Nft
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with 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 advantages and disadvantages of 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 there is no prior experience or know-how in blockchain technology or programming. Art Nft
They also offer a range of digital assets, which makes them one of the most popular NFT marketplaces. Low platform costs are also a great method to earn more income.
Although it’s open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Art Nft
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through the contact page. Visit their website, and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, so they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via their contact form. Just go to the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, therefore they constantly change at regular intervals.