OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first to launch a platform like this in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an established marketplace will give you 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 start, we’d like to warn you. This review is quite lengthy. If you’d prefer to take a look at a video instead, check out the review of this channel. They will guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you like to read, let’s go over what it is before we go over the costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Art Crypto
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as 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 among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets that are listed on the platform are owned by the users, not by the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is complete your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to find NFTs you’d like to buy. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can collect avatars, digital pets or other characters that can be traded or taken home. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT became a reality. As of today, you can also make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well 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.
The digital objects associated with sports are also available, for example, animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game elements, the VR environment, characters, virtual objects or even virtual lands. One popular example could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific capabilities. 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 shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller is the one to pay the cost for the NFT. As the name implies the price never changes.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token 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 some NFTs have extra commissions. For example, game developers get 15 percent or more as commissions on the products 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 use PayPal, credit, or debit cards for payment or make a deposit. Nft Art Crypto
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about coding or blockchain. Nft Art Crypto
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
While it is open source and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy or security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Art Crypto
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via the contact page. Visit the official site and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, therefore they constantly change from time to time.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can use. If you’re using it through your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via their contact form. Go to their website, and look on the page for “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 it to the collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, therefore they change from time to time.