OpenSea has become one of the top markets for NFTs. It’s also the first one to launch a platform like this over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with a good marketplace can provide the leverage you need. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you’d rather watch videos instead, check out this channel’s review. They will guide the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like the written word, look over what it is before we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Should I Buy Nft Art
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is complete, your digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.
For those who are buyers you can utilize their website to find NFTs you’d like to buy. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer review of each.
Music
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even old technology.
For NFTs, you can collect avatars and digital pet, and other characters that can be traded or collected. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT, even before NFT was invented. As of today, you can also create digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.
Trading Cards
You can also collect digital trading cards like those from Sorare as well as BCCG.
Sports
Sports-related digital items are also available, such as animated team logos.
Virtual Worlds
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses or other things like game elements as well as the VR environment characters, virtual objects or even virtual worlds. A popular example is Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is to list them in the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller, you will be subjected to a one-time gas fee.
At present, you can select from five options for selling. They are:
Fixed Price
The seller is the one to pay the price for the NFT. Like the name suggests the price never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will decrease over the course of. Sellers usually set very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.
English Auction
The seller will put up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price drops over time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any 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. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% cost affordable.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For example, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards to pay or make a deposit. Should I Buy Nft Art
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no any experience or expertise in blockchain technology or programming. Should I Buy Nft Art
They also offer a range of digital assets, making it one of the most popular NFT marketplaces. The low platform charges are also a good way for you to make more money.
Cons
Although it’s decentralized and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been increasing over time. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonable, considering 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.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Should I Buy Nft Art
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via their contact form. Just go to their website, and search for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team you can contact through the contact page. Visit their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, which means they fluctuate every now and then.
