OpenSea has grown to become one of the leading marketplaces for NFTs. It was the first to introduce a platform of this kind 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 curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is lengthy. If you’d rather watch a video instead, check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll look over what it is before 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Diy Nft Hydroponics With Pvc Elbows
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited 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 among the very first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets listed in this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. In addition, you don’t have to open an account. All you need is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to look for NFTs you’d like to buy. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.
Music
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
For NFTs, it is possible to collect avatars and digital pet, and other characters that can be traded or taken home. The rarer they are the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT, even before NFT came to be. Today you can 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
There is also the possibility of collecting digital trading cards like those from Sorare as well as BCCG.
Sports
The digital objects associated with sports can also be collected for example, animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game elements as well as the VR environment characters, virtual objects or even virtual lands. A well-known instance can be Axie Infinity.
Utility
As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. 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 have to do is list them on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
Currently, you can choose among five selling options. These are:
Fixed Price
The seller will be the one to charge the price that is the NFT. Just as the name suggests, it never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included 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 an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you must understand that some NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers receive up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as 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 make use of PayPal credit or debit cards to pay for or make a deposit. Diy Nft Hydroponics With Pvc Elbows
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that 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 examine the advantages and drawbacks of using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Diy Nft Hydroponics With Pvc Elbows
They also provide a variety of digital currency, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.
Cons
Although it’s open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as five 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 Hydroponics With Pvc Elbows
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that can be reached via its contact forms. Go to their official website and look on the page for “Submit a request.”
Are you able to make money 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. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through the contact page. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
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 regular fees. The price is determined through the marketplace, which means they constantly change from time to time.
