OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
If you like to read, let’s go through what it is prior to 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Can You Grow Endive Using Nft
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not the platform. Since they are a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
If the transaction is completed the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s have a review of each.
Music
Music could be among the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
As for NFTs, you can gather avatars, digital pets and other characters that can be traded or acquired. The more rare they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT prior to when NFT was invented. Today it is possible to do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those of Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected like animated logos of teams.
Virtual Worlds
VR environments and components can be purchased. You can buy these metaverses and other things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A well-known instance can be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select from five options for selling. These are:
Fixed Price
The seller will be the one to charge the cost that is the NFT. Like the name suggests the price never changes.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
Bundles
If you’re looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale 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 only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% fee reasonable.
However, you must be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game designers get 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
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 convert the cryptocurrencies to cash. This means that you can’t use PayPal credit or debit cards to pay for or make a deposit. Can You Grow Endive Using Nft
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they can 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 look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Can You Grow Endive Using Nft
They also offer a range of digital assets, which makes it one of the largest NFT marketplaces. Low platform charges are also a good way for you to earn more income.
Cons
While it is decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s why it’s so attractive to 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 financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Can You Grow Endive Using Nft
What do I need so 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 work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via its contact forms. Go to the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction costs from Etherium. You pay a gas fee 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, therefore they fluctuate from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support team you can reach via the contact page. Visit their website, and search for “Submit a request.”
Do you have the ability to mint 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. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they constantly change at regular intervals.
