OpenSea has become one of the most popular markets for NFTs. It was the first to introduce a platform of this kind in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
If you prefer 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 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 Finance Coinmarketcap
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.
If the transaction is completed, your digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even older technology.
In the case of NFTs, you can collect avatars, virtual pets and other characters that can be sold or taken home. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. In the present, you can also do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards like those from Sorare and BCCG.
The digital objects associated with sports can also be collected, for example, animated team logos.
VR spaces and elements can now also be bought. You can buy these metaverses or other things like game elements as well as the VR environment virtual objects, characters or even virtual lands. One popular illustration could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as 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 your products on OpenSea is easy. All you need to do is to list them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller you will be subject to a one-time gas fee.
You can currently select from five options for selling. They are:
The seller is the one to charge the cost for the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers typically set up very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold 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 can be included as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you have to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will be created as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will vary based 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 some NFTs charge extra commissions. For instance, game designers receive as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit or debit cards to pay for or deposit. Nft Art Finance Coinmarketcap
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Nft Art Finance Coinmarketcap
They also provide a variety of digital assets, making their platform one of the largest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
While it is decentralized and offers one of the largest NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Art Finance Coinmarketcap
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via the contact page. Just go to their official website and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction 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 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 make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through its contact forms. Visit their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. When 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 costs for gas?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, so they change from time to time.