OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from a good marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is a long read. If you’d prefer to take a look at a video instead, check out the channel’s review. They will guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you prefer the written word, look through what it is prior to we look into its fees and what it can offer.
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 Sell Art On OpenSea
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in the year 2018 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 one of the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is complete the digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to buy. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a examine each.
Music is 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. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or old technology.
For NFTs, you can gather avatars, digital pets, or other characters that can be sold or taken home. The rarer they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. As of today, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards like those from Sorare and BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR space and other elements can now also be bought. You can purchase these metaverses or other things like game objects and the VR environment virtual objects, characters or even virtual lands. A well-known instance could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and auction type then you’re all set.
For 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. The choices are:
The seller is the one to charge the price for the NFT. Just as the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over the course of. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale 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 fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost affordable.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers get up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or transfer funds. How To Sell Art On OpenSea
The NFTs can be bought or sold when 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 look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. How To Sell Art On OpenSea
They also provide a variety of digital asset, which makes it one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
While it is decentralized and offers one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater 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 allows users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ How To Sell Art On OpenSea
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via its contact forms. Go to their official website and search for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, therefore they constantly change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers 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. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via the contact page. Go to the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they change from time to time.