OpenSea is now one of the leading platforms for NFTs. It’s also the first one to release such a platform over the years. It has seen 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 digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is lengthy. If you prefer to 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 fully aware before you dive into NFT trading.
If you like the written word, look over the basics before we go over the costs 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? How To Buy Nft Art Finance Coin
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, 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.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
If 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 possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to search for NFTs that you’d like to buy. They also offer filters to make your search easier.
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 may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even old technology.
For NFTs, you can collect avatars, digital pets or other characters that can be traded or taken home. The more rare they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. As of today you can create digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.
You can also collect digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR spaces and elements can now also be bought. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters, or even virtual lands. One popular example is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. These are:
The seller will be the one to pay the cost that is the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate in 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 is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you want to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards for payment or make a deposit. How To Buy Nft Art Finance Coin
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains 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 advantages and drawbacks when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. How To Buy Nft Art Finance Coin
They also offer several types of digital currency, which makes it one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Although it is decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ How To Buy Nft Art Finance Coin
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via their contact form. Visit their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through their contact form. Just go to their website, and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, which means they change at regular intervals.