OpenSea has grown to become one of the leading markets for NFTs. It was the first to release such a platform over the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d rather take a look at videos instead, check out the review of this channel. They will guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like the written word, go through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Free Nft Art
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is successful the digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even old technology.
In the case of NFTs, it is possible to collect avatars, digital pets, and other characters that can be sold or acquired. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT was invented. As of today you can create digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters, and even virtual land. A well-known example is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains 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 have to do is post them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. These are:
The seller is the one who will be charged 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 sets a price that will fluctuate over time. Sellers usually set very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. 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 transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee affordable.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers receive as much as 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need 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 and debit card to make payments for or transfer funds. Free Nft Art
The NFTs can only be purchased or traded only if the cryptocurrency you’re using 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 disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain or coding. Free Nft Art
They also provide a variety of digital asset, making it one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
While it is open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is 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.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Free Nft Art
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via the contact page. Go to the official site and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, which means they constantly change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via its contact forms. Just go to their official website and look 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 an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
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 periodic fees. The price is determined through the marketplace, so they change at regular intervals.