OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and celebrities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with a good 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 top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d prefer to take a look at videos instead, check out this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s go over the basics before we go over the costs 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 the article for a more comprehensive review.
What is OpenSea? Should I Make Nft Art
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
If 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 require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars and digital pet, and other characters that can be traded or acquired. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT prior to when NFT became a reality. Today, 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 or images, as well as videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports
Digital items related to sports can also be collected, such as animated team logos.
Virtual Worlds
VR environments and components can be purchased. It is possible to purchase these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual worlds. A popular illustration is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure your account is linked. Once you’ve added your price and auction type, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
Fixed Price
The seller is the one to charge the cost that is the NFT. Just as the name suggests the price never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers typically set up very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT is sold after they agree on a price.
English Auction
The seller will put up an NFT for sale and lists a minimum price. This is in contrast to 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 can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
Bundles
If you want to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will be based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers get 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment for or deposit. Should I Make Nft Art
The NFTs can only be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they 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 look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about blockchain or coding. Should I Make Nft Art
They also offer several types of digital asset, making them one of the biggest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Cons
Although it’s decentralized and offers one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Should I Make Nft Art
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via the contact page. Just go to their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team you can contact through their contact form. Go to the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.
