OpenSea has become one of the top markets for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will provide the leverage you require. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, take a look at the review of this channel. They’ll guide users through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go through what it is prior to we examine its costs and what it has to 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 the article for a more comprehensive review.
What is OpenSea? Nft Artist
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. 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 an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Since they are an open marketplace, they use 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 completed the digital assets will never leave your account. Moreover, you aren’t required to create your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, and even older technology.
For NFTs, you can collect avatars, digital pets and other characters that can be sold or taken home. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT was invented. Today you can make the same thing with digital artworks. It’s not 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, such as those of Sorare as well as BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters, or even virtual worlds. A popular example could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is list them on the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. They are:
The seller is the one to charge the cost of the NFT. As the name implies the price never changes.
For an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers usually set very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. They can be sold on the marketplace.
If you want to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% fee reasonable.
However, you must know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers get up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, and debit card to make payments or deposit. Nft Artist
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about coding or blockchain. Nft Artist
They also offer several types of digital asset, making them one of the most popular NFT marketplaces. The low platform charges are also a good method to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it 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 establish a crypto wallet to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Artist
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through their contact form. Go to their official website and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, so they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach through their contact form. Visit their website, and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they constantly change from time to time.