OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d prefer to watch videos instead, you can check out the review of this channel. They’ll guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s look over the basics before we look into its fees and what it has to 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Art Environment
OpenSea provides a platform 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 only limited to art, music games, or game products, as well as domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete, your digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards film props, and even the older technologies.
In the case of NFTs, you can collect avatars and digital pet and other characters that can be traded or acquired. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT was invented. Today it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual lands. One popular example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
For the first time sellers you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
The seller will be the one to charge the price for the NFT. Like the name suggests the price never changes.
In the Dutch Auction, the seller sets a price that will fall over time. Sellers generally set high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee competitive.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers receive as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards to pay or deposit. Nft Art Environment
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can 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, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Art Environment
They also provide a variety of digital currency, which makes it one of the biggest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
While it is decentralized and offers one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Just 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 can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Art Environment
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers must work 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 team?
Yes they do have a support staff that you can reach via the contact page. Visit the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at 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. This is a simple and low-cost method to do, however you should go through their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, so they constantly change every now and then.