OpenSea is now one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d rather take a look at videos instead, you can check out the channel’s review. They will guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll go over the basics before we look into its fees and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Rally Nft
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is successful your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a examine each.
Music could be among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, or old technology.
In the case of NFTs, you can gather avatars, virtual pets or other characters that can be traded or taken home. The more rare 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 since before NFT was invented. In the present you can create digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
You can also collect digital trading cards like those from Sorare and BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters, and even virtual land. One popular instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list them in the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
For first-time sellers you will be subject to a one-time fee for gas.
At present, you can select among five selling options. The choices are:
The seller is the one to charge the cost of the NFT. Like the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fall over time. Sellers usually set very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% cost affordable.
However, you must know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that certain NFTs earn additional commissions. For instance, game designers are paid 15 percent or more commissions for items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay or make a deposit. Rally Nft
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. Rally Nft
They also offer a range of digital currency, 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 is decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range 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 and security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Rally Nft
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via its contact forms. Go to their website, and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, so they change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it through your mobile phone, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through their contact form. Just go to the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy but you could also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, therefore they constantly change every now and then.