OpenSea is now one of the leading platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d rather watch videos instead, check out the review of this channel. They will guide you through OpenSea and its functions so you’re fully aware before you begin NFT trading.
For those who prefer the written word, go over the basics before we examine its costs 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Marketplace Art
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is successful, your digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their search engine to find NFTs you’d like to buy. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even the older technologies.
For 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 be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. In the present, you can also make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
You can also collect digital trading cards such as those of Sorare and BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses or other things such as game items and the VR environment characters, virtual objects and even virtual land. One popular instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting 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 have to do is list them on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. These are:
The seller is the one to charge the cost of the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over time. 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. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease as time passes. 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 transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% fee reasonable.
However, you must know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will depend on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers get up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments for or deposit. Nft Marketplace Art
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they can 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 when using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in blockchain or coding. Nft Marketplace Art
They also offer several types of digital currency, which makes it one of the largest NFT marketplaces. The platform’s low costs are also a great method to make more money.
Although it’s decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without worrying about privacy and security. In addition, it doesn’t cost you high fees. A 2.5% 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 and professionals.
FAQ Nft Marketplace Art
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet 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 their contact form. Just go to the official site and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, which means they change every now and then.
What are the requirements I must meet before I can use 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 must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through its contact forms. Just go to the official site and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, therefore they constantly change every now and then.