OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you prefer to watch videos instead, check out the channel’s review. They’ll walk you through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer to read, let’s look through what it is prior to we examine its costs and what it has to offer.
Before you continue, 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Best Site To Sell Nft Art
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer look at each.
Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or collected. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT came to be. As of today you can do the same with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Digital items related to sports can also be collected like animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game objects, the VR environment, characters, virtual objects and even virtual land. A popular example can be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be 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 simple. All you need to do is list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
The seller is the one to charge the cost of the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have 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 token that is non-fungible once your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or transfer funds. Best Site To Sell Nft Art
The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can 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 can be decentralized making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. Best Site To Sell Nft Art
They also provide a variety of digital assets, which makes it one of the most popular NFT marketplaces. Low platform fees are also an excellent method to earn more income.
Although it is decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service 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 allows users to transact without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonableconsidering that some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Best Site To Sell Nft Art
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through its contact forms. 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 then add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, therefore they change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach through their contact form. Visit the official site and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, therefore they change from time to time.