OpenSea is now one of the most popular markets for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an appropriate marketplace can provide the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d rather take a look at a video instead, check out this channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you like to read, let’s look over what it is before we go over the costs 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Token Art
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not by the platform. Because they’re an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is complete, your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s take a closer look at 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 of beats, remixes or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even old technology.
As for NFTs, you can collect avatars, digital pets, or any other characters that could be sold or acquired. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. As of today it is possible to create digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items are also available, such as animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items such as game items as well as the VR environment characters, virtual objects or even virtual worlds. One popular illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the cost that is the NFT. Like the name suggests the price never changes.
In the Dutch Auction, the seller determines a price that will fall over the course of. Sellers usually set very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the artworks sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee reasonable.
However, you have to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, or debit cards for payment for or make a deposit. Nft Token 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 are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages 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 experience or knowledge about blockchain technology or programming. Nft Token Art
They also offer a range of digital asset, which makes their platform one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
While it is open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Token Art
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through their contact form. Just go to their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are 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 price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through its contact forms. Just go to their official website and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also go through 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 to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, therefore they constantly change at regular intervals.