OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you prefer to watch videos instead, you can check out the channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll look over the basics before we look into its fees and what it has to offer.
Before you continue, you may want to watch 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 Of Physical Art
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, 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 collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets listed in the platform are owned by the users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or old technology.
In the case of NFTs, it is possible to collect avatars, digital pets, and other characters that can be sold or collected. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT became a reality. In the present, you can also create digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. A popular instance can be Axie Infinity.
As absurd as it may sound there are also NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from 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 post them in the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller will be the one to charge the price for the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers 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 to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee affordable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or transfer funds. Nft Of Physical Art
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with 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 examine the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Nft Of Physical Art
They also offer several types of digital asset, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
While it is decentralized and has one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Of Physical Art
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support team you can contact through their contact form. Go to their website, and search at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, which means they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need 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 that you can reach through the contact page. Visit the official site and look at “Submit a request.”
Can you earn 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. If you’re ready for selling them, list them 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 to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, therefore they fluctuate from time to time.