OpenSea has become one of the top platforms for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can give you the leverage you require. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at videos instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you like the written word, go over what it is before we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Beeple Art Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or old technology.
In the case of NFTs, it is possible to collect avatars, digital pets, or any other characters that could be sold or collected. The rarer they are the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT came to be. As of today, you can also make the same thing with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
You can also collect digital trading cards such as those of Sorare or BCCG.
Sports-related digital items are also available, 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 objects as well as the VR environment virtual objects, characters, or even virtual lands. One popular illustration could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is to list them on the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
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 is the one to pay the price of the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% fee affordable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or transfer funds. Beeple Art Nft
The NFTs are only able to be bought or sold when your cryptocurrency is supported 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 advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Beeple Art Nft
They also offer a range of digital asset, which makes their platform one of the largest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it’s decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Beeple Art Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it with your mobile phone, the 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 start.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via the contact page. Go to their official website and search on the page for “Submit a request.”
Are you able to make money 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. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, so they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through its contact forms. Just go to their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they constantly change every now and then.