OpenSea has become one of the top markets for NFTs. It’s also the first to introduce a platform of this kind throughout 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 enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you start our review, we’d like warn you. This review is quite lengthy. If you prefer to watch a video instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll look through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Rinkeby
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted 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 began with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by users, not the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is completed your digital assets won’t leave your account. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to find NFTs you’d like to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals 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 invested in collectibles like baseball cards, movie props, or even the older technologies.
As for NFTs, you can gather avatars and digital pet and other characters that can be traded or collected. The more rare they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT became a reality. As of today it is possible to do the same with digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment virtual objects, characters, or even virtual lands. A well-known instance could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select among five selling options. They are:
The seller is the one who will be charged the price of the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers receive 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 currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal, credit, and debit card to make payments for or deposit. OpenSea Rinkeby
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains 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 drawbacks when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. OpenSea Rinkeby
They also offer several types of digital asset, making them one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Although it is decentralized and offers one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Rinkeby
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or 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 that you can contact through its contact forms. Just go to their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, which means they change from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach via their contact form. Just go to their official website and search for “Submit a request.”
Can you mint at OpenSea?
You can make a mint using 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 the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, so they fluctuate from time to time.