OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite lengthy. If you prefer to take a look at a video instead, you can check out the review of this channel. They will guide you through OpenSea and its features so that you understand everything before you dive into NFT trading.
If you like the written word, go through what it is prior to we examine its costs and what it has to offer.
Before you continue, 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 of OpenSea.
What is OpenSea? OpenSea Rarity
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not limited to music, art 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 started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from 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 purchase. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s look at each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, and even older technology.
In the case of NFTs, you can collect avatars, digital pets, or other characters that can be sold or collected. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. In the present, you can also do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
You can also collect digital trading cards like the ones from Sorare or BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR environments and components are now available for purchase. You can buy these metaverses, or other items like game objects as well as the VR environment virtual objects, characters, and even virtual land. One popular illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered 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 easy. All you have to do is post them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
The seller is the one to charge the cost for the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.
The seller puts up an NFT for sale and lists a minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease over 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 payment when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you are looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to be aware 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.
In addition, trading on Etheruem can be costly. The NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game designers get up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or transfer funds. OpenSea Rarity
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of 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 benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. OpenSea Rarity
They also offer a range of digital currency, which makes their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to make more money.
Although it is decentralized and has one of the largest NFT selections, it still has its 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 with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Rarity
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via the contact page. Visit their website, and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach through their contact form. Visit the official site and look at “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using 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 the items, post them for sale. This is gas-free and easy, but you can also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, so they change every now and then.