OpenSea has become one of the leading marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with a good marketplace can give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d rather take a look at a video instead, check out the review of this channel. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s go through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Art Finance Chart
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 available are not limited to music, art game items, domain names.
It was founded 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 first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is complete the digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to look for NFTs you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, and even old technology.
For NFTs, it is possible to collect avatars, digital pets, and other characters that can be traded or collected. The more rare they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. In the present it is possible to do the same with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Digital items related to sports can also be collected, like animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known illustration can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need 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 you will be subject to a single-use gas charge.
You can currently select from five options for selling. They are:
The seller will be the one who will be charged the price that is the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the price paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers are paid 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, or debit cards for payment for or deposit. Nft Art Finance Chart
The NFTs are only able to be purchased or traded 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 benefits and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about blockchain or coding. Nft Art Finance Chart
They also provide a variety of digital assets, making them one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it’s open source and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
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 is an NFT marketplace that caters to a wide 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 having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nft Art Finance Chart
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Visit the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. This is a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, therefore they fluctuate every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it on your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via the contact page. Visit the official site and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, therefore they fluctuate from time to time.