OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an established marketplace will provide the leverage you require. That’s why we made this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d rather watch videos instead, check out this channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you begin NFT trading.
For those who prefer to read, let’s look over the basics before we go over the 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. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Can You Drown You Plants With An Nft System
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Because they’re a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave 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 find NFTs you’d prefer to purchase. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s examine each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. 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 like baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars and digital pet, or any other characters that could be sold or taken home. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT became a reality. Today you can do the same with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as videos of short length.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated team logos.
VR space and other elements can now also be bought. You can purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects or even virtual lands. One popular example can be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased 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 simple. All you have to do is post them in the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
At present, you can select from five options for selling. The choices are:
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets 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. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a 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 will decrease with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
But, it is important to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game designers receive 15 percent or more as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards to pay for or deposit. Can You Drown You Plants With An Nft System
The NFTs are only able to be purchased or traded when your cryptocurrency 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 disadvantages that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about coding or blockchain. Can You Drown You Plants With An Nft System
They also provide a variety of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.
While it is open source and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. In addition, it doesn’t cost users high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Can You Drown You Plants With An Nft System
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via its contact forms. Just go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, therefore they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. If you’re using it through your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach through the contact page. Go to the official site and search at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, which means they fluctuate at regular intervals.