OpenSea has become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs and want to start from an established marketplace will give you the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you’d prefer to watch a video instead, take a look at this channel’s review. They will guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s look over the basics before we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Art Marketplace
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they’re an open marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk 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 have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to look for NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can collect avatars and digital pet or other characters that can be traded or acquired. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. Today, you can also make the same thing with digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
The digital objects associated with sports can also be collected such as animated logos of teams.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters or even virtual lands. A well-known illustration can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For first-time sellers you will be subject to a one-time gas fee.
You can currently select from 5 selling options. They are:
The seller will be the one to charge the cost of the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will be based on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers get as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment for or transfer funds. Nft Art Marketplace
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about blockchain or coding. Nft Art Marketplace
They also offer a range of digital currency, making it one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Art Marketplace
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it with your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team that can be reached via their contact form. Go to their website, and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. 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 for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, which means they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be filled with money to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can reach through the contact page. Visit their official website and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. 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 fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.