OpenSea is now one of the leading marketplaces for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like to read, let’s look through what it is prior to we examine its costs and the benefits it offers.
Before you go on, 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? What Is A Nft Art
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk 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 create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to look for NFTs you’d like to buy. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music
Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even old technology.
As for NFTs, you can gather avatars and digital pet, or any other characters that could be sold or taken home. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT prior to when NFT was invented. As of today it is possible to create digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
Trading Cards
You can also collect digital trading cards such as those of Sorare or BCCG.
Sports
The digital objects associated with sports are also available, for example, animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment characters, virtual objects or even virtual lands. One popular instance is Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. 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 easy. All you have to do is post them on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
Fixed Price
The seller will be the one to charge the cost for the NFT. As the name implies, it never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers typically set up very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is in contrast to the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. They can be sold on the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee affordable.
But, it is important to understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. Your NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies 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 use PayPal credit, debit, or debit cards for payment for or transfer funds. What Is A Nft Art
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains they are able to 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 examine the advantages and disadvantages of using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about blockchain or coding. What Is A Nft Art
They also offer a range of digital asset, which makes their platform one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Cons
Although it is open source and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ What Is A Nft Art
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to start.
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 on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your phone on the go, 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 via the contact page. Go to their official website and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate at regular intervals.
