OpenSea is now one of the leading 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 becoming more popular because celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will provide 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 our review, we’d like warn you. This review is quite a long read. If you prefer to watch videos instead, you can check out this channel’s review. They will guide users through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you prefer reading, we’ll look 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 overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Art Finance
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was created in 2018 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 and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is completed, your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
For those who are buyers, you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a examine each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or older technology.
In the case of NFTs, you can collect avatars and digital pet and other characters that can be traded or collected. 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 came to be. In the present it is possible to create digital artworks. 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 like the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters or even virtual lands. A well-known example is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
You can currently select from 5 selling options. They are:
The seller is the one to charge the cost for the NFT. Just as the name suggests the price never changes.
For the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers typically set up very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases with time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers receive as much as 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or deposit. Nft Art Finance
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the 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 of using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. Nft Art Finance
They also offer several types of digital asset, which makes it one of the largest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it is decentralized and offers one of the largest NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
You will also need to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Art Finance
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Visit their official website and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they change at regular intervals.
What are the requirements I must meet before I can use 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 must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through its contact forms. Just go to their website, 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 then add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, therefore they constantly change every now and then.