OpenSea has grown to become one of the top markets for NFTs. It was the first to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. 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 need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather take a look at videos instead, check out the review of this channel. They’ll walk users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer to read, let’s go over the basics before we go over the costs and what it can offer.
Before you continue, you may want to check out 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? OpenSea Crypto Raiders
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in the year 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 very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to search for NFTs that you’d like to buy. They also offer filters to simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer examine each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, or the older technologies.
In the case of NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or acquired. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT was invented. In the present it is possible to make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected, for example, animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses, or other items like game objects as well as the VR environment characters, virtual objects and even virtual land. A popular illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post them on the marketplace. You only have to ensure your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
The seller will be the one to charge the price that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee competitive.
But, it is important to understand that some NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers get as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit or debit cards for payment for or make a deposit. OpenSea Crypto Raiders
The NFTs are only able to be purchased or sold if your cryptocurrency is supported 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 advantages and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. OpenSea Crypto Raiders
They also provide a variety of digital currency, making them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it’s open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Crypto Raiders
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via the contact page. Just go to their official website and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have 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 do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, therefore they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via the contact page. Visit their website, and look at “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, which means they fluctuate from time to time.