OpenSea has become one of the top markets for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you’d rather take a look at a video instead, check out this channel’s review. They will guide you through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you like reading, we’ll look through what it is prior to we go over the costs 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 of OpenSea.
What is OpenSea? Fertilizer Recommendations For Hydroponic (Perlite, Rockwool, And Nft) Tomatoes
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea work?
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 that are listed on the platform are owned by users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is completed the digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers you can use their search engine to look for NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or collected. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. In the present it is possible to make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards like those of Sorare as well as BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters and even virtual land. One popular example could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased 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. You only have to ensure that your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
The seller will be the one to pay the cost of the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price drops with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
Are there any fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you must be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers are paid up to 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment or transfer funds. Fertilizer Recommendations For Hydroponic (Perlite, Rockwool, And Nft) Tomatoes
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. Fertilizer Recommendations For Hydroponic (Perlite, Rockwool, And Nft) Tomatoes
They also provide a variety of digital assets, which makes their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and offers one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Fertilizer Recommendations For Hydroponic (Perlite, Rockwool, And Nft) Tomatoes
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via its contact forms. Visit the official site and search on the page for “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 the item to your collection. If you’re ready for selling 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?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they fluctuate from time to time.
What do I need to know 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, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via their contact form. Go to their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate from time to time.