OpenSea has become one of the most popular markets for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d rather watch a video instead, check out the channel’s review. They will guide the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like reading, we’ll go 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. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? General Hydroponics Nft
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Since they are an open marketplace, they use smart contracts that allow users can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available 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 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 buy mixtapes, remixes of beats, remixes or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, some 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, or any other characters that could be sold or collected. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT came to be. In the present you can create digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
Digital items related to sports can also be collected, like animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses, or other items such as game items as well as the VR environment characters, virtual objects or even virtual lands. A popular example can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is to list your products on the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. They are:
The seller is the one to pay the price for the NFT. Just as the name suggests, it never changes.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. They can be sold through the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you have to understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The cost of 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 extra commissions. For instance, game designers get up to 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay or make a deposit. General Hydroponics Nft
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. General Hydroponics Nft
They also offer a range of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
While it is decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ General Hydroponics Nft
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through the contact page. Go to the official site and look for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the gas prices?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, so they change every now and then.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support staff that you can reach through its contact forms. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to make money 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. Once you’re ready to sell them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, therefore they fluctuate every now and then.