OpenSea has become one of the top platforms for NFTs. It was the first to release such a platform over 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 an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is an extensive read. If you’d rather take a look at videos instead, check out the review of this channel. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s look through what it is prior to we go over the costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Artists Against Nft
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
For those who are buyers you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or acquired. The rarer they are the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT was invented. In the present it is possible to create digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual lands. One popular instance could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller is the one who will be charged the price for the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you must understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers receive 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay or make a deposit. Artists Against Nft
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains 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, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Artists Against Nft
They also offer several types of digital asset, making them one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Although it’s decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. 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 market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Artists Against Nft
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that 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 an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team can be reached via the contact page. Go to their website, and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have 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. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, so they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they fluctuate at regular intervals.