OpenSea has become one of the top platforms for NFTs. It was the first to launch a platform like this over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created this review – OpenSea is always 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 quite lengthy. If you’d prefer to watch videos instead, check out the review of this channel. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
For those who prefer to read, let’s go over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Art Finance Prediction
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to buy. They also have filters available to make your search easier.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s examine each.
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes of beats, remixes or anything else an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars and digital pet or other characters that can be traded or taken home. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. Today, you can also create digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
You can also collect digital trading cards, such as those from Sorare or BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses or other things like game elements and the VR environment characters, virtual objects and even virtual land. A popular illustration is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by 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 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 the type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select from five options for selling. They are:
The seller will be the one to pay the price of the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost affordable.
But, it is important to know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers are paid up to 15% as commissions on the products they’ve sold.
What are the payment methods?
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. This means that you can’t make use of PayPal, credit, and debit card to make payments or transfer funds. Nft Art Finance Prediction
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. Nft Art Finance Prediction
They also provide a variety of digital asset, which makes them one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it’s open source and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been 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 caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Art Finance Prediction
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach via the contact page. Just go to their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, so they 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 through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can reach through the contact page. Visit the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, which means they constantly change every now and then.