OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at videos instead, you can check out the channel’s review. They will guide the user through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer to read, let’s look over the basics before we examine its costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Beeple Nft Christies
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Since they are an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a examine each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can gather avatars and digital pet, or other characters that can be sold or collected. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT was invented. As of today you can create digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
You can also collect digital trading cards such as the ones from Sorare as well as BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters, and even virtual land. One popular instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. They are:
The seller is the one to charge the cost of the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost reasonable.
However, you have to be aware that certain NFTs have higher transaction charges 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 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 cost of the process will depend on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers are paid 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 like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards to pay or transfer funds. Beeple Nft Christies
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in coding or blockchain. Beeple Nft Christies
They also offer a range of digital currency, making them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Although it’s open source and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Beeple Nft Christies
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via the contact page. Just go to the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, therefore they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach through the contact page. Just go to the official site and search on the page 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 then add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they fluctuate from time to time.