OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with a good marketplace can give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer to read, let’s look over the basics before we look into its fees and what it has to offer.
Before you continue, 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 our article for a more comprehensive review.
What is OpenSea? Where To Buy Nft Music
OpenSea offers a market 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 that are available aren’t limited to music, art, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on the platform are owned by users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music may be one of the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even the older technologies.
For NFTs, you can gather avatars and digital pet or other characters that can be sold or collected. The rarer they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT became a reality. Today you can do the same with digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
There is also the possibility of collecting digital trading cards like those of Sorare or BCCG.
The digital objects associated with sports can also be collected like animated team logos.
VR environments and components can now also be bought. You can buy these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. One popular instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is to list your products on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
The seller is the one to charge the price that is the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in time. Sellers typically set up very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment 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 are looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee 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 only be charged 2.5 percent when purchasing an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you must understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. The NFT collection will be created as a valid token that is non-fungible once 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.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game designers get up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments or deposit. Where To Buy Nft Music
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Where To Buy Nft Music
They also provide a variety of digital currency, making them one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and offers one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Where To Buy Nft Music
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers must work with Etherium. Additionally, you should 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 do have a support team that you can contact through the contact page. Just go to their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can 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 sale. This is gas-free and easy to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, which means they constantly change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your phone on the go, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach through its contact forms. Go to their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate every now and then.