OpenSea is now one of the top platforms for NFTs. It’s also the first one to release such a platform in the past. 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 interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather take a look at a video instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s go over what it is before we examine its costs 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Art Creator
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.
This means that unless the transaction is completed the digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even old technology.
For NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or collected. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. Today it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Sports-related digital items are also available, like animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items such as game items and the VR environment characters, virtual objects and even virtual land. One popular example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is list them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. They are:
The seller is the one to charge the cost for the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers usually set very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and lists a 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 the auction to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent cost affordable.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers receive as much as 15% commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, and debit card to make payments or transfer funds. Nft Art Creator
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Art Creator
They also offer a range of digital assets, which makes their platform one of the biggest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
While it is open source and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Art Creator
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it with your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via their contact form. Go to their official website and search at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, which means they constantly change from time to time.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through their contact form. Just go to their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.