OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will help you get the leverage you require. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d rather take a look at a video instead, check out this channel’s review. They’ll guide the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer the written word, go over the basics before we look into its fees 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Best Nft Art Marketplace
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets on this platform belong to the users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can gather avatars, virtual pets, and other characters that can be sold or collected. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT became a reality. As of today, you can also create digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
The digital objects associated with sports are also available, like animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items such as game items, the VR environment, virtual objects, characters, or even virtual lands. A well-known illustration is Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and auction type, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select from 5 selling options. The choices are:
The seller is the one to charge the cost that is the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in 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 as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost competitive.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers are paid up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment or make a deposit. Best Nft Art Marketplace
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. Best Nft Art Marketplace
They also offer a range of digital currency, making them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
While it is decentralized and offers one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Best Nft Art Marketplace
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through the contact page. Go to their website, and search 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 add the item to your collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, which means they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through its contact forms. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to earn 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. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, which means they fluctuate at regular intervals.