OpenSea is now one of the leading markets for NFTs. It was the first to launch a platform like this throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer the written word, look over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Diy Nft Hydroponics With Fence Posts
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in the platform are owned by the users, not the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to look for NFTs you’d like to purchase. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even old technology.
As for NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or acquired. The rarer they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most popular NFT since before NFT was invented. In the present it is possible to do the same with digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
You can also collect digital trading cards such as the ones from Sorare and BCCG.
Sports
Digital items related to sports are also available, such as animated logos of teams.
Virtual Worlds
VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game elements, 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, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by 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 simple. All you need to do is post them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added the price 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.
At present, you can select from five options for selling. The choices are:
Fixed Price
The seller is the one to pay the price of the NFT. As the name implies, it never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fall over the course of. Sellers generally set expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller is required to put up an NFT for sale and will list a minimum price. This is different from 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 is able to automatically approve the payment 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 through the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually proportional to the price paid by the buyer. Similar to how regular galleries make money through a portion of the paintings sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent cost affordable.
However, you must know that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game designers receive 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
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. That also means you cannot use PayPal, credit, or debit cards to pay or transfer funds. Diy Nft Hydroponics With Fence Posts
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they are able to 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 take a look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost 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 Hydroponics With Fence Posts
They also provide a variety of digital currency, which makes it one of the largest NFT marketplaces. Low platform charges are also a good method to earn more income.
Cons
Although it is decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides 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.
The OpenSea ecosystem allows users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Diy Nft Hydroponics With Fence Posts
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it on your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via their contact form. Visit their website, and look on the page for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees 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 by the market, so they constantly change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team you can reach through its contact forms. Just go to their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, 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 for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, so they constantly change from time to time.
