OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d prefer to watch videos instead, you can check out this channel’s review. They will guide users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, look over what it is 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 overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Who Bought Beeple Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is completed your digital assets will never leave your wallet. Furthermore, you’re not 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 aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or collected. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT, even before NFT was invented. In the present you can make the same thing with digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare or BCCG.
Sports
Digital items related to sports can also be collected such as animated logos of teams.
Virtual Worlds
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. One popular example is Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
Fixed Price
The seller is the one to charge the cost of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
In the Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. You can then sell them through the marketplace.
Bundles
If you want to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% cost competitive.
However, you have to know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
In addition, trading on Etheruem is costly. The NFT collection will be created as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers get as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit or debit cards to pay for or transfer funds. Who Bought Beeple Nft
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about coding or blockchain. Who Bought Beeple Nft
They also offer several types of digital currency, making them one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Cons
While it is decentralized and offers one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Who Bought Beeple Nft
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that can be reached via the contact page. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs 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, so they fluctuate at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it 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 has a support team?
Yes they do have a support team that you can reach through their contact form. Visit their official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, which means they change at regular intervals.
