Nft Art Sales

opensea-review

OpenSea is now one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.

It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.

If you’re set on investing through NFTs and want to start from a good marketplace can help you get 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 right for you?

Before you start, we’d like to warn you. This review is an extensive read. If you’d prefer to watch a video instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.

If you prefer reading, we’ll look over what it is before we examine its costs and what it has to offer.

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Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Art Sales

OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.

The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.

It was created in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.

Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.

What is the process behind OpenSea operate?

If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.

For OpenSea, all of the assets on the platform are owned by users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.

If the transaction is complete, your digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.

For those who are buyers you can use their browser to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.

Nft Art Sales

> > Click Here to Explore OpenSea’s Marketplace < <

What types of NFTs are available from OpenSea?

There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.

Music

Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.

Collectibles

Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.

For NFTs, it is possible to collect avatars, virtual pets and other characters that can be sold or acquired. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT since before NFT was invented. Today you can create digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.

Trading Cards

There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.

Sports

Sports-related digital items are also available, for example, animated logos of teams.

Virtual Worlds

VR spaces and elements can now also be bought. You can buy these metaverses or other things like game elements, the VR environment, virtual objects, characters or even virtual worlds. A well-known instance is Axie Infinity.

Utility

As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.

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> > Click Here to Explore OpenSea’s Marketplace < <

What are the selling options?

Selling your products on OpenSea is simple. All you have to do is list them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and auction type then you’re all set.

If you are a first-time seller you will be subject to a one-time fee for gas.

At present, you can select from 5 selling options. These are:

Fixed Price

The seller will be the one to charge the cost for the NFT. As the name implies the price never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.

English Auction

The seller puts up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.

OpenSea can automatically take over the payment if the auction ends above 1 Etherium.

NFT Creation

You can also mint your own NFTs using the platform. They can be sold on the marketplace.

Bundles

If you want to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.

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> > Click Here to Explore OpenSea’s Marketplace < <

Are there any charges?

It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.

With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee reasonable.

However, you have to be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.

In addition, trading on Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be about $100 per NFT.

Also, you should know that some NFTs have extra commissions. For instance, game developers are paid up to 15% as commissions on the products they’ve sold.

What are the payment options?

OpenSea is not able to accept conventional currencies such as 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 use PayPal credit, debit, or debit cards to pay for or make a deposit. Nft Art Sales

The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.

Blockchains Supported by OpenSea

Wallets Supported by OpenSea

  • Portis
  • Fortmatic/Magic
  • MetaMask
  • Arkane
  • Coinbase
  • WalletLink
  • TrustWallet
  • Dapper
  • Torus
  • Authereum
  • OperaTouch
  • Bitski
  • WalletConnect
  • Kaikas

What are the pros and cons?

Let’s take a look at the benefits and disadvantages of using OpenSea.

Pros

OpenSea is decentralized, making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Art Sales

They also offer several types of digital currency, which makes their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.

Cons

Although it’s decentralized and offers one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.

It is also necessary to set up your own crypto wallet to sell or buy from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.

The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.

All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.

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> > Click Here to Explore OpenSea’s Marketplace < <

FAQ Nft Art Sales

What are the requirements I must meet before I can utilize OpenSea?

OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to get started.

Does OpenSea has a support team?

Yes, they have a support team you can reach via their contact form. Go to their website, and look for “Submit a request.”

Can you mint at OpenSea?

You can 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 the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.

What are the gas prices?

These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, therefore they constantly change from time to time.

What are the requirements I must meet before I can make use of OpenSea?

OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to begin.

Does OpenSea have a support staff?

Yes they have a customer support team that you can reach via the contact page. Just go to the official site and search for “Submit a request.”

Are you able to earn money at OpenSea?

You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.

What are the costs for gas?

Gas fees are transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, which means they change every now and then.

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> > Click Here to Explore OpenSea’s Marketplace < <

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