OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is an extensive read. If you’d rather watch a video instead, take a look at this channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll go over what it is before we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Rated
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in 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 among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed the digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available 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 take a closer review of each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
As for NFTs, you can collect avatars and digital pet, or other characters that can be traded or acquired. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT became a reality. As of today it is possible to do the same with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.
You can also collect digital trading cards such as those of Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR space and other elements are now available for purchase. You can buy these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual lands. A well-known example can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is post them in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select from 5 selling options. The choices are:
The seller will be the one who will be charged the cost of the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers typically set up very high 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.
The seller puts up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers receive up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay or deposit. Nft Rated
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Nft Rated
They also offer several types of digital asset, which makes it one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with 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 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Rated
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that can be reached via their contact form. Visit their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, so they change at regular intervals.
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 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 start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach through their contact form. Go to their website, and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.