OpenSea is now one of the most popular platforms for NFTs. It was the first to launch a platform like this over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an established marketplace will help you get the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch videos instead, you can check out this channel’s review. They’ll guide you through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s look through what it is prior to we examine its costs and the benefits it offers.
Before you go on, 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Vs Rarible Fees
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Because they’re an open marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
If the transaction is successful, your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to look for NFTs you’d like to purchase. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music could be among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even older technology.
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 greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT was invented. Today you can make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
You can also collect 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 space and other elements can be purchased. It is possible to purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, and even virtual land. A popular instance could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains 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 simple. All you have to do is to list your products on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
The seller is the one to pay the price for the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them 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 in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when you buy an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee competitive.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
In addition, trading on Etheruem could be expensive. The NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For example, game developers get up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments or deposit. OpenSea Vs Rarible Fees
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. OpenSea Vs Rarible Fees
They also provide a variety of digital currency, which makes it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.
Although it is decentralized and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to sell or buy from the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ OpenSea Vs Rarible Fees
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes, they have a support team you can contact through their contact form. Go to the official site and look on the page for “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, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, so they constantly change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser with your phone on the go, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via its contact forms. Go to the official site and look for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, so they change every now and then.