OpenSea is now one of the top markets for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can provide the leverage you require. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d rather watch videos instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you like reading, we’ll go through what it is prior to we examine its costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Beeple
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first 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 offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets on the marketplace are held by the users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to search for NFTs that you’d like to buy. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music
Music is among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars, virtual pets, or any other characters that could be sold or collected. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT, even before NFT was invented. As of today you can do the same with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
Trading Cards
You can also collect digital trading cards such as those from Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected such as animated logos of teams.
Virtual Worlds
VR spaces and elements can be purchased. You can buy these metaverses and other things like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known instance is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you need to do is list them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. These are:
Fixed Price
The seller will be the one to pay 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 decides on a price which will fall in time. Sellers generally set expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller will put up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
Bundles
If you want to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent cost affordable.
But, it is important to understand that some 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 of the required 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will be created as a valid non-fungible token once your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers receive up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to 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. That also means you cannot use PayPal, credit, or debit cards to pay or transfer funds. Nft Beeple
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
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 that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in coding or blockchain. Nft Beeple
They also offer several types of digital asset, making their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Cons
Although it is open source and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Beeple
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support team can be reached via the contact page. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, which means they fluctuate every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via the contact page. Go to their official website and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, therefore they constantly change every now and then.
