OpenSea has grown to become one of the most popular markets for NFTs. It was the first to launch a platform like this in the past. 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 their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can give you the leverage you require. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you’d rather watch videos instead, check out the review of this channel. They’ll walk 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 over the basics before we look into its fees and what it has to offer.
Before you go on, 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? What Is Digital Art Nft
OpenSea offers a market that deals in non-fungible currency, 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 restricted 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 by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on the marketplace are held by the users, not the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is complete your digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to 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 8 categories where they usually belong. Let’s review of each.
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beats, 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 became popular, there were people were investing in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, you can gather avatars, digital pets, or other characters that can be traded or collected. The more rare they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT since before NFT came to be. In the present it is possible to make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
It is also possible to collect digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports can also be collected for example, animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters and even virtual land. One popular instance is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post them in the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller will be the one who will be charged the cost of the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will decrease in time. Sellers usually set very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you must be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token following the time 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.
You also need to know that some NFTs have extra commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards to pay for or make a deposit. What Is Digital Art Nft
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in blockchain or coding. What Is Digital Art Nft
They also offer several types of digital currency, which makes them one of the largest NFT marketplaces. The low platform costs are also a great method to make more money.
Although it’s open source and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments using currency like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ What Is Digital Art Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via its contact forms. Visit the official site and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using 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 a simple and low-cost method, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, which means they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it through your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through their contact form. Just go to their 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 have to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, which means they constantly change every now and then.