OpenSea is now one of the top platforms for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d prefer to watch a video instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer to read, let’s go over the basics before we look into its fees and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Selling Nft Art
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by users, not the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even the older technologies.
In the case of NFTs, you can collect avatars, digital pets or any other characters that could be traded or acquired. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT became a reality. In the present, you can also make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected, like animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses or other things like game elements and the VR environment characters, virtual objects or even virtual lands. One popular example can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. 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 in the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select among five selling options. The choices are:
The seller is the one to pay the cost of the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction 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’re looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you must know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers are paid up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, or debit cards to pay for or make a deposit. Selling Nft Art
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about coding or blockchain. Selling Nft Art
They also offer several types of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.
While it is open source and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Selling Nft Art
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support staff that can be reached via its contact forms. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, so they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through the contact page. Visit the official site and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
These are transactions fees from 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 prices are driven in accordance with the current market conditions, so they constantly change at regular intervals.