OpenSea is now one of the leading platforms for NFTs. It was the first to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can provide the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at a video instead, check out this channel’s review. They’ll guide you through OpenSea and its functions so you’re fully aware before you begin NFT trading.
For those who prefer reading, we’ll go through what it is prior to we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Best Place To Buy Nft Art
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to the users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
That means 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 have to do is have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to purchase 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 just limited to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even the older technologies.
As for NFTs, you can collect avatars, digital pets, or any other characters that could be traded or acquired. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT was invented. As of today, you can also create digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
You can also collect digital trading cards such as those from Sorare and BCCG.
Sports-related digital items can also be collected like animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual lands. One popular instance can be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. They are:
The seller is the one to pay the cost that is the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. 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 lists an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs within 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 exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be issued 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.
You also need to know that some NFTs have additional commissions. For example, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit and debit card to make payments for or transfer funds. Best Place To Buy Nft Art
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with 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 when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Best Place To Buy Nft Art
They also offer several types of digital currency, making their platform one of the biggest NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it is decentralized and offers one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included when the market is 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 reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Best Place To Buy Nft Art
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it on your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support staff that can be reached via the contact page. Just go to the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach through the contact page. Visit their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they change every now and then.