OpenSea has become one of the leading platforms 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 have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d rather watch a video instead, check out this channel’s review. They’ll walk users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer the written word, look through what it is prior to 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Video Art
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited 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 began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d like to buy. They also have filters available to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an 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, there were people invested in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet, or other characters that can be sold or acquired. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT was invented. Today you can make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports are also available, for example, animated team logos.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual worlds. A popular example is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by 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. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
The seller will be the one to charge the cost for the NFT. Like the name suggests the price never changes.
In the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists the minimum price. It’s opposite to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid 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 are looking to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. Similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5% fee competitive.
But, it is important to understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers receive 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, 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 for or make a deposit. Nft Video Art
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 has no centralization, making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Nft Video Art
They also offer several types of digital assets, making their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it is decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Video Art
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via its contact forms. Visit their official website and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, therefore they fluctuate every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through the contact page. Go to the official site and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they change every now and then.