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 has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you prefer to take a look at a video instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer reading, we’ll go over what it is before we examine its costs and what it has to 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 will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Is Nft Art A Good Investment
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is successful the digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to find NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even the older technologies.
As for NFTs, it is possible to collect avatars, digital pets, or any other characters that could be traded or taken home. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. Today, you can also create digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, for example, animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, or even virtual worlds. One popular example can be Axie Infinity.
As bizarre 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 considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and auction type, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. They are:
The seller is the one who will be charged the price of the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost affordable.
However, you must be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
Additionally, transacting to Etheruem is costly. The NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or transfer funds. Is Nft Art A Good Investment
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. Is Nft Art A Good Investment
They also provide a variety of digital asset, making them one of the biggest NFT marketplaces. Low platform charges are also a good method to make more money.
Although it’s decentralized and has one of the largest 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.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Is Nft Art A Good Investment
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach via the contact page. Go to the official site and look for “Submit a request.”
Do you have the ability to mint 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. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, which means they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach through their contact form. Visit their official website and look on the page for “Submit a request.”
Can you 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 them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, so they change from time to time.