OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you prefer to watch videos instead, take a look at the review of this channel. They will guide the user through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like to read, let’s 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Art For Sale
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on this platform belong to users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s look at each.
Music could be among the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, movie props, or even old technology.
As for NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or acquired. The rarer they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT was invented. Today you can make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards such as those from Sorare and BCCG.
Digital items related to sports can also be collected like animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters or even virtual worlds. A well-known illustration is Axie Infinity.
As absurd as it may sound there are also 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 which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
At present, you can select among five selling options. They are:
The seller will be the one to charge the price for the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT to sell and list an amount that is a minimum. 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 bidding until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers receive up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment for or deposit. Nft Art For Sale
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. Nft Art For Sale
They also offer several types of digital asset, making it one of the biggest NFT marketplaces. The low platform fees are also an excellent method to make more money.
Although it’s decentralized and offers one of the largest NFT collection, the service has some 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.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a broad 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 concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Art For Sale
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through their contact form. Just go to their website, and search for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through its contact forms. Just go to their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, therefore they fluctuate from time to time.