OpenSea has become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind over the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can provide 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 suitable for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go through what it is prior to we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? What Is An Nft Art
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets on this platform belong to users, not the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is completed, your digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to find NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or acquired. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT became a reality. As of today, you can also do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses and other things like game objects as well as the VR environment virtual objects, characters or even virtual lands. A popular illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is post your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. They are:
The seller will be the one to pay the price for the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they have agreed on a price.
The seller will put up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers are paid 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, or debit cards to pay for or make a deposit. What Is An Nft Art
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. What Is An Nft Art
They also offer a range of digital asset, which makes them one of the largest NFT marketplaces. The low platform costs are also a great way for you to make more money.
Although it is decentralized and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either 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 the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ What Is An Nft Art
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support team can be reached via its contact forms. Visit their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you 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 official website and look on the page for “Submit a request.”
Do you have the ability 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. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, which means they constantly change at regular intervals.