OpenSea

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OpenSea Review

At the heart of OpenSea is the possibility of self-listing. Artists can create a marketplace for their NFTs without paying a commission or platform fees. In many ways, this is similar to the status Uniswap has among crypto exchanges. Uniswap allows anyone to list cryptocurrencies on their platform without a meticulous and time-consuming listing process. The same is true for OpenSea, but in terms of NFTs.

Artists can create their NFTs just by entering records such as name, category, immutable and mutable data. Ownership of the NFT is assigned after creation, so artists can sell or transfer it immediately. In this marketplace, artists can focus on creating artwork instead of worrying about the listing process. OpenSea is also “compatible with open blockchain standards,” which means it’s possible for you to create your work on other platforms and then return to OpenSea to sell your work there.

What are NFTs?

NFT is an acronym for “Non-Fungible Tokens.” Something that is fungible is replaceable. For example, a kilo of 24-karat gold is – at least in theory – replaceable by any other kilo of 24-karat gold. If something is not fungible, it means that it is unique and cannot be replaced by any other item.

Although NFTs are conceptually similar to cryptocurrencies, these digital assets can represent antiques and works of art, collectibles such as trading cards, and other items with unique properties. These tokens are cryptographically stored on a blockchain network for authentication and validation. Also, in transactions, each token is sold as a whole, unlike cryptocurrencies, which are divisible into smaller units. NFTs lose their value when divided into smaller portions. However, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates is then always known).

Webdesign

Different NFT marketplaces display their NFTs, the last bid and the remaining time of an auction, etc. in different ways. What you prefer to see and use is up to you and no one else. At OpenSea, you can choose to sell your NFTs in two different ways: through the “Buy Now” feature or through an auction process.

When you commit to a specific NFT, in this case the NFT called ME. by actress katiecassidy, the page layout looks like this. As you can see in the image below, the layout includes information about the reserve price, any offers, the artist’s price history, etc. In this particular case, artist katiecassidy is also donating a portion of the proceeds from the auction to The Rape Foundation, a foundation created to support and treat rape victims.

Payment Methods

Some of the NFT marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal deposits. OpenSea does not allow withdrawals or deposits via credit/debit cards or PayPal. Accordingly, you must already own the cryptocurrencies supported by OpenSea in order to interact on this particular marketplace.

Fees on OpenSea

When you buy an NFT somewhere, it is common for the relevant NFT marketplace to charge a fee for facilitating the sale. This fee is typically a percentage of the sale price of the NFT and is usually paid by the buyer. This is similar to how regular art galleries take a percentage of the sale price when selling paintings, etc. that hang in the gallery.

With OpenSea, the buyer pays 2.50% to the marketplace when they purchase an NFT, but there are no listing fees. The original creator of the NFT may also charge a fee on the final sale amount, but is not required to do so. So if you buy a USD 100 NFT from OpenSea, you will have to pay a total of USD 102.50 (assuming the creator of the NFT has chosen not to take a fee for themselves).

 

 

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