OpenSea is now one of the top platforms for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d rather watch videos instead, take a look at the channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you prefer the written word, go over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Physical Nft Art
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies 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 the platform. Since they’re a decentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is completed your digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, movie props, or even older technology.
For NFTs, you can gather avatars, digital pets, and other characters that can be traded or acquired. The rarer they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT came to be. In the present it is possible to do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
There is also the possibility of collecting digital trading cards, such as those of Sorare as well as BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters, or even virtual worlds. A popular illustration can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time fee for gas.
You can currently select among five selling options. The choices are:
The seller will be the one to charge the cost for the NFT. As the name implies the price never changes.
In an auction like the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee affordable.
However, you must understand that some NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be created as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards to pay for or deposit. Physical Nft Art
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains 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 can be decentralized which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. Physical Nft Art
They also offer several types of digital asset, which makes their platform one of the most popular NFT marketplaces. Low platform costs are also a great method to make more money.
Although it is decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Physical Nft Art
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via its contact forms. Visit their official website and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, which means they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through its contact forms. Go to the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, so they change from time to time.