OpenSea has become one of the top markets for NFTs. It’s also the first one to release such a platform throughout the years. It has experienced 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 an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you prefer to watch a video instead, check out this channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you like reading, we’ll look over the basics before we go over the costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? General Hydroponics Aeroflo20 Nft
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Because they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is successful, your digital assets won’t leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d like to buy. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer examine each.
Music
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets or other characters that can be sold or collected. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most popular NFT prior to when NFT came to be. As of today, you can also do the same with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip 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 such as animated logos of teams.
Virtual Worlds
VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters and even virtual land. A well-known instance is Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and the type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time gas fee.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller will be the one who will be charged the cost for the NFT. As the name implies, it never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers generally set high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from 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 transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
Bundles
If you are looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee affordable.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or of the required 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game designers are paid up to 15% as commissions for items they’ve sold.
What are the payment options?
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 convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay for or deposit. General Hydroponics Aeroflo20 Nft
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the 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 take a look at the advantages and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about blockchain technology or programming. General Hydroponics Aeroflo20 Nft
They also provide a variety of digital asset, making them one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Cons
While it is decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or buy from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ General Hydroponics Aeroflo20 Nft
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes they do have a support staff that can be reached via the contact page. Just go to their official website and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, therefore they change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support team you can contact through their contact form. Visit their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they fluctuate every now and then.
