OpenSea is now one of the leading marketplaces for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can give you the leverage you require. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d prefer to take a look at a video instead, you can check out the review of this channel. They will guide the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s go over the basics before we look into its fees 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. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? How To Display Nft Art At Home
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they are an uncentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is complete, your digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to find NFTs you’d like to buy. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.
Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beats, vocals or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars, digital pets and other characters that can be traded or acquired. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT was invented. As of today you can make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even short video clips.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters, and even virtual land. One popular example can be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list them in the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and auction type then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select among five selling options. The choices are:
The seller is the one to pay the price of the NFT. Just as the name suggests, it never changes.
In the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be issued as a valid non-fungible token once your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment or deposit. How To Display Nft Art At Home
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in blockchain or coding. How To Display Nft Art At Home
They also provide a variety of digital assets, which makes it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Although it is open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears 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 How To Display Nft Art At Home
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through the contact page. Just go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they fluctuate at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through its contact forms. Go to their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, therefore they constantly change from time to time.