OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d prefer to take a look at a video instead, you can check out the review of this channel. They will guide you through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you like reading, we’ll look through what it is prior to 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Can I Grow Collard Greens In A Nft Hydroponic System
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded 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 first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s look at each.
Music
Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even old technology.
In the case of NFTs, you can gather avatars and digital pet and other characters that can be sold or acquired. The more rare they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT since before NFT was invented. In the present, you can also create digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
Trading Cards
It is also possible to collect digital trading cards, such as those of Sorare or BCCG.
Sports
Sports-related digital items can also be collected, like animated team logos.
Virtual Worlds
VR space and other elements can be purchased. You can buy these metaverses and other things like game objects as well as the VR environment virtual objects, characters or even virtual worlds. A popular illustration can be Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
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.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from five options for selling. These are:
Fixed Price
The seller is the one to pay the price of the NFT. Like the name suggests, it never changes.
Dutch Auction
For the Dutch Auction, the seller determines a price that will fall in the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller will put up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
Bundles
If you want to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee competitive.
But, it is important to know that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers receive up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or deposit. Can I Grow Collard Greens In A Nft Hydroponic System
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if there is no prior experience or know-how in blockchain technology or programming. Can I Grow Collard Greens In A Nft Hydroponic System
They also offer several types of digital asset, making them one of the largest NFT marketplaces. Low platform costs are also a great method to earn more income.
Cons
Although it is decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Can I Grow Collard Greens In A Nft Hydroponic System
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea has a support team?
Yes, they have a support team that can be reached via its contact forms. Visit the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, which means they fluctuate at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers 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. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach through their contact form. Go to the official site and look 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 add it to the collection. When you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, so they change from time to time.
