OpenSea is now one of the top marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an established marketplace will give you the leverage you need. 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 go on this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to watch a video instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you prefer reading, we’ll look over the basics before we go over the costs and what it can 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 will want to read the rest of the article for a more comprehensive review.
What is OpenSea? What Nft Art Sells Best
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea All of the assets on this platform belong to users, not by the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
If the transaction is successful your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, or the older technologies.
As for NFTs, it is possible to collect avatars and digital pet, and other characters that can be sold or taken home. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT was invented. Today it is possible to do the same with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters or even virtual worlds. A popular instance could be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and auction type then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from five options for selling. The choices are:
The seller is the one to charge the cost that is the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree 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 drops over time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you want to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost competitive.
However, you must know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be created as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers are paid up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, and debit card to make payments or transfer funds. What Nft Art Sells Best
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. What Nft Art Sells Best
They also provide a variety of digital asset, which makes their platform one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
Although it’s decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ What Nft Art Sells Best
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team you can contact through their contact form. Go to their official website and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with 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 fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through the contact page. Visit their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, so they constantly change from time to time.