OpenSea has become one of the top markets for NFTs. It’s also the first one to release such a platform in the past. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer the written word, go over the basics before we go over the costs and what it has to offer.
Before you continue, you may want to watch 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? I Bought Nft Art Now What
OpenSea offers a market 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 available are not restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an open marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk losing their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your wallet. Moreover, you aren’t required to create 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 utilize their website 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 to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music is among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.
For NFTs, you can gather avatars, digital pets, or any other characters that could be traded or taken home. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT was invented. Today you can do the same with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports can also be collected like animated team logos.
VR spaces and elements can be purchased. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters or even virtual worlds. A well-known instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers, you will be subjected to a single-use gas charge.
At present, you can select among five selling options. They are:
The seller is the one who will be charged the price that is the NFT. Like the name suggests, it never changes.
For the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists a minimum price. This is in contrast to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells it to the highest 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 via the platform. You can then sell them in the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, or debit cards to pay for or deposit. I Bought Nft Art Now What
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if you do not have prior experience or know-how in blockchain or coding. I Bought Nft Art Now What
They also provide a variety of digital asset, which makes it one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and offers one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without concern about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ I Bought Nft Art Now What
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled up to get started.
Does OpenSea have a support team?
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 make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. When 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 fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, which means they change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach through their contact form. Just go to the official site and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds 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 constantly change every now and then.