OpenSea is now one of the most popular marketplaces for NFTs. It was the first to launch a platform like this in the past. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after 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 beginning with an established marketplace will give you the leverage you require. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather watch videos instead, take a look at this channel’s review. They will guide users through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you prefer the written word, look over what it is before 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. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Whats Nft Art
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or older technology.
In the case of NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or taken home. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT was invented. In the present you can do the same with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as 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 like game objects and the VR environment virtual objects, characters or even virtual lands. One popular example can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select among five selling options. The choices are:
The seller is the one to charge the price that is the NFT. Just as the name suggests the price never changes.
In the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept 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 want to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost competitive.
However, you have to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be created as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards for payment or deposit. Whats Nft Art
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Whats Nft Art
They also offer a range of digital currency, which makes it one of the biggest NFT marketplaces. Low platform charges are also a good method to earn more income.
While it is decentralized and offers one of the largest NFT collection, the service has limitations. OpenSea only accepts crypto as a form of 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 crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores could charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Whats Nft Art
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser 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 either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via its contact forms. Go to their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they change every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers 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. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through their contact form. Go to the official site and search for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, therefore they change at regular intervals.