OpenSea has grown to become one of the top markets for NFTs. It’s also 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 even more popular since celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable 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, you can check out the review of this channel. They’ll guide the user 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 the basics 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Rarity Ranking
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by 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 which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete, your digital assets won’t leave your account. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
In the event that you’re buying you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music could be among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even older technology.
For NFTs, you can gather avatars, virtual pets or other characters that can be traded or taken home. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT became a reality. Today, you can also create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards like those from Sorare and 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 and the VR environment characters, virtual objects and even virtual land. One popular example could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be 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 your products on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select from 5 selling options. They are:
The seller will be the one to pay the price that is the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller determines a price that will fall in time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you’re looking to sell several NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. 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. No listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you have to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will be minted as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers receive up to 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional 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, and debit card to make payments or deposit. Nft Rarity Ranking
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted 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 examine the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Rarity Ranking
They also offer a range of digital currency, making them one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Rarity Ranking
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through the contact page. Just go to the official site and look on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, which means they constantly change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via their contact form. Go to their official website and look at “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 the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy but you could also check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, therefore they fluctuate every now and then.