OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to launch a platform like this in the past. It’s 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 is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They will guide users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you like the written word, go through what it is prior to we look into its fees 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? Diy Nft Hydroponics System
OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve 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 an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is complete your digital assets will never be removed from your account. In addition, you don’t have to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to find NFTs you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or collected. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. As of today, you can also create digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Digital items related to sports are also available, like animated team logos.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things like game elements and the VR environment virtual objects, characters or even virtual lands. A popular illustration could be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is post them on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. They are:
The seller is the one to pay the cost of the NFT. Like the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers typically set up very expensive prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and lists the minimum price. It’s opposite to the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
However, you have to understand that some NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will be created as a valid, non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create 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 for payment or make a deposit. Diy Nft Hydroponics System
The NFTs are only able to be purchased 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
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. Diy Nft Hydroponics System
They also offer several types of digital asset, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Diy Nft Hydroponics System
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that can be reached via their contact form. Go to their website, and search at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, therefore they change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via the contact page. Go to their official website and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free but you could also look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, which means they fluctuate from time to time.