OpenSea has grown to become one of the top platforms for NFTs. It was the first to introduce a platform of this kind in the past. It has experienced 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 their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They’ll guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we go over the costs and what it can offer.
Before you go on, 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Crop King Nft 10-36 For Sale
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest 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 bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Since they’re an open marketplace, they use smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is complete your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music is among the most well-known NFTs all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or old technology.
As for NFTs, you can gather avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT came to be. As of today you can create digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards like those from Sorare and BCCG.
Digital items related to sports can also be collected like animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses or other things like game objects and the VR environment characters, virtual objects or even virtual worlds. A popular instance could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select among five selling options. They are:
The seller will be the one to pay the cost that is the NFT. Just as the name suggests it is not subject to change.
For the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price 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 be charged 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost affordable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers receive up to 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or transfer funds. Crop King Nft 10-36 For Sale
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains 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 is decentralized, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no any experience or expertise in blockchain or coding. Crop King Nft 10-36 For Sale
They also provide a variety of digital asset, making it one of the largest NFT marketplaces. The low platform charges are also a good opportunity to make more money.
Although it’s open source and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Crop King Nft 10-36 For Sale
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Go to their official website and look at “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 an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, so they constantly change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through the contact page. Go to their official website and look at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need 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 can also look over their instructional videos.
What are the costs for gas?
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 periodic fees. The price is determined by the market, so they constantly change at regular intervals.