OpenSea is now one of the top marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an appropriate marketplace can help you get the leverage you need. 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 begin this journey, we’d like to caution you. This review is quite a long read. If you’d prefer to watch videos instead, check out this channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you like the written word, look over what it is before we go over the 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Beeple Nft Auction
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 that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on this platform belong to users, not by the platform. Because they’re an open marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can utilize their website to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars, virtual pets and other characters that can be sold or collected. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. Today, you can also create digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs images, photos, or 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, for example, animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses or other things like game elements and the VR environment characters, virtual objects and even virtual land. One popular instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is to list them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
The seller is the one to pay the cost for the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will be created 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 it to be around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game designers receive 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as 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. That also means you cannot use PayPal, credit, or debit cards to pay or transfer funds. Beeple Nft Auction
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains they can 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, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about coding or blockchain. Beeple Nft Auction
They also provide a variety of digital assets, which makes their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Although it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Beeple Nft Auction
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means they fluctuate at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it on your phone on the go, your browsers must be compatible 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 have a support staff?
Yes, they have a support team that you can reach through the contact page. Go to their website, and look for “Submit a request.”
Are you able to earn money 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 gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, therefore they change at regular intervals.