OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to release such a platform over the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can provide 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 go on, we’d like to warn you. This review is lengthy. If you’d prefer to watch videos instead, take a look at the review of this channel. They’ll walk users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll look through what it is prior to we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Photography Nft Marketplace
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got 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.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
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 listed in the platform are owned by the users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your account. Furthermore, you’re not required to open an account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to buy. There are filters that can simplify your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they usually belong. Let’s look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beats, vocals, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even the older technologies.
In the case of NFTs, you can collect avatars, virtual pets or other characters that can be traded or collected. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT was invented. In the present it is possible to make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards such as those of Sorare and BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters or even virtual worlds. A popular illustration can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names 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 easy. All you need to do is list them on the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. The choices are:
The seller is the one to pay the price of the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers usually set very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT to sell and list a minimum price. This is different from the Dutch Auction, where the price decreases over time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee affordable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will 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 conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency 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 make use of PayPal, credit, or debit cards to pay for or deposit. Photography Nft Marketplace
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Photography Nft Marketplace
They also offer several types of digital currency, making their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great method to make more money.
Although it is open source and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Photography Nft Marketplace
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team can be reached via their contact form. Visit their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, so they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via their contact form. Just go to their official website and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the 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?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, which means they change every now and then.