OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is a long read. If you’d prefer to watch a video instead, you can check out this channel’s review. They’ll guide the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s look over the basics before we examine its costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Aquaponik Nft
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection 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 function?
If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can purchase from 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 just limited to music 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 or various other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or old technology.
In the case of NFTs, you can collect avatars, virtual pets, or any other characters that could be sold or collected. The rarer they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT was invented. In the present it is possible to do the same with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR environments and components can be purchased. You can buy these metaverses, or other items like game objects as well as the VR environment virtual objects, characters, or even virtual lands. One popular instance could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list them in the marketplace. All you need to do is to ensure that your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from five options for selling. They are:
The seller will be the one who will be charged the cost of the NFT. As the name implies the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers generally set expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is in contrast to the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary 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 make use of PayPal, credit, or debit cards for payment for or make a deposit. Aquaponik Nft
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have experience or knowledge about blockchain or coding. Aquaponik Nft
They also provide a variety of digital asset, which makes it one of the biggest NFT marketplaces. The low platform fees are also an excellent method to earn more income.
Although it is decentralized and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Aquaponik Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via their contact form. Just go to their official 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 to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, therefore they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through the contact page. Visit the official site and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy but you could also go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, which means they constantly change every now and then.