OpenSea is now one of the leading marketplaces for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can give you the leverage you require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at a video instead, take a look at the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer the written word, go through what it is prior to we go over the costs and what it has to offer.
Before you go on, 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 our article for a more comprehensive review.
What is OpenSea? Nft Music Marketplace
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. 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 have an extensive collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is complete the digital assets will never be removed from your account. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a review of each.
Music is among the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards film props, and even old technology.
As for NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or acquired. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. As of today you can make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare as well as BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters and even virtual land. A popular instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is to list them in the marketplace. You only have to make sure your account is linked. Once you’ve added your price and type of auction then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from 5 selling options. They are:
The seller will be the one to charge the price for the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers usually set very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. No listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee affordable.
However, you have to understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will depend on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers receive 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot 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. This means that you can’t use PayPal, credit, or debit cards for payment or deposit. Nft Music Marketplace
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no experience or knowledge about coding or blockchain. Nft Music Marketplace
They also offer a range of digital assets, making their platform one of the largest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it’s open source and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range 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 having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft Music Marketplace
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re trying it with your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through their contact form. Just go to their website, and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, so they constantly change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through their contact form. Just go to their website, and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, therefore they constantly change every now and then.