OpenSea has become one of the leading platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time 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’d rather watch videos instead, take a look at the review of this channel. They will guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s go over what it is before we look into its fees 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Vs Rarible
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.
If the transaction is complete your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their browser to find NFTs you’d prefer to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or old technology.
As for NFTs, you can collect avatars and digital pet and other characters that can be traded or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT became a reality. In the present, you can also do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR spaces and elements can now also be bought. You can buy these metaverses or other things like game objects and the VR environment characters, virtual objects and even virtual land. One popular instance 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 are now classified as NFT. It is possible to purchase blockchain-based domains 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 simple. All you have to do is list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. These are:
The seller is the one to pay the price that is the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fall over the course of. Sellers usually set very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and will list 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 at the price of highest bidding.
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’re looking to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge 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. Similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee competitive.
However, you have to know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers are paid 15 percent or more commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit and debit card to make payments or transfer funds. OpenSea Vs Rarible
The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. OpenSea Vs Rarible
They also offer several types of digital assets, making their platform one of the largest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Although it’s decentralized and offers one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Vs Rarible
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through their contact form. Visit their website, and search for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy 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. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, so they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach through its contact forms. Go to the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, which means they constantly change every now and then.