OpenSea has grown to become one of the leading marketplaces for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you’d rather take a look at a video instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s go 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Top Nft Art
OpenSea offers a market that deals in 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 NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in 2018 by 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 which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by users, not by the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful your digital assets will never be removed from your account. In addition, you don’t have to open an account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars, virtual pets and other characters that can be traded or collected. The more rare they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT became a reality. In the present you can do the same with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR space and other elements can be purchased. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters and even virtual land. A popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list them in the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and the type of auction then you’re all set.
For 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:
The seller is the one to charge the cost for the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you want to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you have to be aware that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5%.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be created as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers are paid 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or transfer funds. Top Nft Art
The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Top Nft Art
They also provide a variety of digital currency, which makes it one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Although it’s open source and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as 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 establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Top Nft Art
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through their contact form. Go to their official website and look at “Submit a request.”
Are you able to mint at OpenSea?
You can also 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 sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, therefore they constantly change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through their contact form. Go to their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they fluctuate at regular intervals.