OpenSea has become one of the most popular marketplaces for NFTs. It was the first to release such a platform over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is an extensive read. If you prefer to watch a video instead, check out the channel’s review. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s go over what it is before we look into its fees and the benefits it offers.
Before you continue, you may want to check out 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 of OpenSea.
What is OpenSea? Nft For Photography
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they’re an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music may be one of the most popular NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or older technology.
For NFTs, it is possible to collect avatars and digital pet or other characters that can be sold or taken home. The rarer they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT came to be. As of today, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards like the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects or even virtual lands. A popular illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now considered 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.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. These are:
The seller is the one to charge the cost of the NFT. Just as the name suggests the price never changes.
For the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers usually set very expensive 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 can be sold when they have agreed on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost affordable.
However, you must understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers receive up to 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot 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 and debit card to make payments for or transfer funds. Nft For Photography
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Nft For Photography
They also offer several types of digital currency, making their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft For Photography
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser with your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via the contact page. Visit their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to do, however you should check out 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 has one-time fees and periodic fees. The price is determined by the market, so they fluctuate every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via its contact forms. Visit their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, so they change from time to time.