OpenSea is now one of the leading markets for NFTs. It was the first to launch a platform like this over the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is lengthy. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its functions so you’re fully aware before you begin NFT trading.
For those who prefer the written word, look over the basics before we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? OpenSea Or Rarible
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Because they’re a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is completed the digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can use their browser to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, and even older technology.
In the case of NFTs, it is possible to collect avatars, digital pets and other characters that can be sold or acquired. The rarer they are the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT came to be. As of today you can make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards like the ones from Sorare and BCCG.
Digital items related to sports are also available, such as animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual worlds. One popular instance is Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
The seller is the one to pay the cost of the NFT. Just as the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers receive as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where 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 Or Rarible
The NFTs are only able to be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets 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 disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. OpenSea Or Rarible
They also offer a range of digital asset, which makes them one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to make more money.
While it is open source and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Or Rarible
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can contact through their contact form. Visit their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, so they change from time to time.
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through the contact page. Visit their official website and search for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, so they change every now and then.