OpenSea has become one of the leading marketplaces for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d rather take a look at a video instead, take a look at this channel’s review. They’ll walk you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you like reading, we’ll look through what it is prior to we examine its costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? How To Sell Nft Photos
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
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 these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is successful, your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer 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 purchase mixtapes, remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even old technology.
For NFTs, it is possible to collect avatars, digital pets, and other characters that can be traded or acquired. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT was invented. Today it is possible to make the same thing with digital art. It’s not just limited to illustrations and digital 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 and BCCG.
Sports-related digital items can also be collected, for example, animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses and other things such as game items, the VR environment, virtual objects, characters, and even virtual land. One popular illustration can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from 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 them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and auction type and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. They are:
The seller is the one to charge the cost that is the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over time. Sellers usually set very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and lists the minimum price. This is different from auctions like the Dutch Auction, where the price will decrease with time. 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 transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost competitive.
But, it is important to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will depend on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers receive as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or transfer funds. How To Sell Nft Photos
The NFTs can only be bought or sold 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 examine the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. How To Sell Nft Photos
They also offer a range of digital asset, which makes it one of the largest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.
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 caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ How To Sell Nft Photos
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via the contact page. Visit the official site and search at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through the contact page. Just go to their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, therefore they fluctuate every now and then.