OpenSea has become one of the most popular platforms for NFTs. It was the first to release such a platform in the past. It’s 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 enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from a good marketplace can give you the leverage you require. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is lengthy. If you prefer to watch a video instead, you can check out the channel’s review. They will guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Aquaponic Nft System
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by the users, not the platform. Since they are an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful, your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.
As for NFTs, you can collect avatars, digital pets or other characters that can be sold or collected. The rarer they are the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT was invented. Today it is possible to create digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
You can also collect digital trading cards such as those of Sorare as well as BCCG.
The digital objects associated with sports are also available, such as animated logos of teams.
VR environments and components can be purchased. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters, or even virtual lands. One popular instance is Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and the type of auction then you’re all set.
For the first time sellers you will be subject to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
The seller will be the one to charge the cost for the NFT. As the name implies the price never changes.
For the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them on the marketplace.
If you want to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost competitive.
But, it is important to know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be issued as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs have 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 currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments for or transfer funds. Aquaponic Nft System
The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can 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 can be decentralized making transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. Aquaponic Nft System
They also provide a variety of digital asset, making them one of the largest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it is decentralized and offers one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Aquaponic Nft System
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need 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 can be reached via the contact page. Just go to the official site and search for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the gas prices?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via their contact form. Go to the official site and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, so they constantly change every now and then.