OpenSea is now one of the most popular markets for NFTs. It was the first to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an established marketplace will give you the leverage you require. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you prefer to watch videos instead, you can check out this channel’s review. They will guide the user through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll go over what it is before we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Basement Vertical Nft Hydroponic Setup
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs 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 founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets listed in the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is complete the digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
If you’re a buyer you can use their browser to find NFTs you’d like to buy. They also have filters available to aid in your search.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were people invested in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars, digital pets, and other characters that can be sold or taken home. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT was invented. In the present you can do the same with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
It is also possible to 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 space and other elements are now available for purchase. It is possible to purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters, or even virtual lands. A popular illustration can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now considered 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 options for selling?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and auction type then you’re all set.
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. They are:
The seller is the one to charge the cost for the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers typically set up 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 when they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
However, you have to know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token after your NFT bid has been 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 charge additional commissions. For instance, game designers receive as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or deposit. Basement Vertical Nft Hydroponic Setup
The NFTs can only 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 examine the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Basement Vertical Nft Hydroponic Setup
They also offer several types of digital currency, which makes their platform one of the most popular NFT marketplaces. Low platform charges are also a good method to make more money.
While it is open source and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Basement Vertical Nft Hydroponic Setup
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through the contact page. Just go to their website, and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, so they fluctuate 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 you can use. In the event that you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled with money 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 official website and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, so they change every now and then.