OpenSea is now one of the top platforms for NFTs. It was the first to release such a platform over the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you prefer to take a look at videos instead, check out this channel’s review. They’ll guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer the written word, go over what it is before we examine its costs and the benefits it offers.
Before you go on, you may want to check out 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 Beyond Art
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to users, not by the platform. Because they’re an open marketplace, they use smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is successful the digital assets will never be removed from your account. Moreover, you aren’t required to create 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 purchase. They also have filters available to make your search easier.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or older technology.
For NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or collected. 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 sought-after NFT, even before NFT was invented. Today you can make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
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 characters, virtual objects or even virtual worlds. One popular illustration can be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is post them in the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. They are:
The seller is 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 sets a price that will fluctuate over the course of. Sellers usually set very high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you must know that certain NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible 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 in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers get as much as 15% commissions on the products they’ve sold.
What are the payment options?
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. Also, you are not able to make use of PayPal, credit, or debit cards for payment or make a deposit. Nft Beyond Art
The NFTs can only be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no any experience or expertise in coding or blockchain. Nft Beyond Art
They also offer a range of digital currency, making it one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
Although it is open source and has 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 the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Beyond Art
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through the contact page. Just go to their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support staff that you can contact through its contact forms. Just go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, so they constantly change at regular intervals.