OpenSea is now one of the most popular platforms for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has been for a long time 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 lengthy. If you’d rather take a look at a video instead, check out this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s go through what it is prior to we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Diy Nft Aquaponics
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
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 them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your wallet. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.
Music
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even old technology.
In the case of NFTs, you can collect avatars, digital pets or any other characters that could be sold or taken home. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT prior to when NFT became a reality. Today you can do the same with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected, such as animated logos of teams.
Virtual Worlds
VR environments and components can be purchased. You can buy these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A well-known illustration could be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to 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 simple. All you have to do is post your products on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and the type of auction then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller is the one to charge the cost that is the NFT. Just as the name suggests the price never changes.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers usually set very high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT is sold after they have agreed on a price.
English Auction
The seller will put up an NFT to sell and list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee affordable.
But, it is important to be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will 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 developers are paid up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up 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 for payment or transfer funds. Diy Nft Aquaponics
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains 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 examine the benefits and disadvantages when using OpenSea.
Pros
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in blockchain or coding. Diy Nft Aquaponics
They also offer a range of digital asset, making their platform one of the largest NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Cons
Although it is decentralized and has one of the largest NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Diy Nft Aquaponics
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support team you can contact through their contact form. Go to their website, and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, which means they constantly change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can contact through its contact forms. Go to their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they fluctuate from time to time.
