OpenSea has become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from a good marketplace can provide the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to watch videos instead, you can check out this channel’s review. They’ll guide users through OpenSea and its features so you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll look over what it is 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Rarity Score
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them 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 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
If the transaction is complete your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d like to buy. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s take a closer examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards film props, and even old technology.
As for NFTs, it is possible to collect avatars, virtual pets or other characters that can be traded or taken home. The rarer they are the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT became a reality. Today you can do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Digital items related to sports are also available, for example, animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters, or even virtual lands. A well-known example is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
The seller will be the one to pay the price that is the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set expensive 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 is required to put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5% per sale, making 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. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will 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 conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or make a deposit. OpenSea Rarity Score
The NFTs are only able to be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have prior experience or know-how in coding or blockchain. OpenSea Rarity Score
They also provide a variety of digital currency, which makes them one of the most popular NFT marketplaces. Low platform costs are also a great way for you to make more money.
Although it’s decentralized and offers one of the most diverse NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ OpenSea Rarity Score
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through their contact form. Visit their website, and search 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 an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they constantly change every now and then.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team you can reach via the contact page. Visit their official website and search for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, therefore they fluctuate from time to time.