OpenSea is now one of the most popular platforms for NFTs. It was the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you’d prefer to watch a video instead, you can check out the review of this channel. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer reading, we’ll look through what it is prior to we examine its costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Top Nft Artists
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade 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 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3 supported wallet.
For those who are buyers you can use their search engine to look for NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
As for NFTs, you can collect avatars, digital pets, or other characters that can be traded or collected. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. In the present you can make the same thing with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.
It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses, or other items like game elements as well as the VR environment characters, virtual objects or even virtual worlds. A well-known example could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified 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.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select among five selling options. They are:
The seller will be the one who will be charged the cost for the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller determines a price that will fall over the course of. Sellers generally set expensive prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and lists the minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. In 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 payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you must know 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 from the imposed 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will be created as a valid non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers receive as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, or debit cards for payment or transfer funds. Top Nft Artists
The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. Top Nft Artists
They also provide a variety of digital asset, which makes it one of the largest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Top Nft Artists
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through their contact form. Go to their website, and search at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Go to the official site and search for “Submit a request.”
Can you 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 the items, post them for auction. This is gas-free and easy but you could also look over their instructional videos.
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 offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they fluctuate every now and then.