OpenSea has grown to become one of the leading platforms for NFTs. It was 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 also more well-known since celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an appropriate marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer the written word, look over what it is before we go over the 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Difference Between OpenSea And Rarible
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets on the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to look for NFTs you’d like to buy. They also have filters available to simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even old technology.
As for NFTs, you can collect avatars, virtual pets or any other characters that could be sold or acquired. The more rare they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT became a reality. Today you can create digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards, such as those from Sorare or BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A popular instance is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is list them in the marketplace. You only have to make sure your account is linked. Once you’ve added the price and auction type and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select from five options for selling. They are:
The seller will be the one to charge the price of the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in the course of. Sellers usually set very high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, you could 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 to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 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, which makes OpenSea’s 2.5 percent fee competitive.
But, it is important to know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers get up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, and debit card to make payments or make a deposit. Difference Between OpenSea And Rarible
The NFTs can be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains 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 advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Difference Between OpenSea And Rarible
They also provide a variety of digital asset, making their platform one of the most popular NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Although it’s open source and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Difference Between OpenSea And Rarible
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through their contact form. Go to their official website and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, therefore they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via their contact form. Visit the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, so they fluctuate from time to time.