OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is a long read. If you’d rather take a look at videos instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like the written word, go over the basics before we examine its 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Good Plants For Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art 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 began with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.
This means that unless the transaction is completed the digital assets will never leave your account. Moreover, you aren’t 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 utilize their website to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s look at each.
Music
Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Collectibles
Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even old technology.
As for NFTs, you can collect avatars and digital pet, or any other characters that could be traded or acquired. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT since before NFT was invented. In the present, you can also create digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
Trading Cards
It is also possible to collect digital trading cards such as those of Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected like animated team logos.
Virtual Worlds
VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters or even virtual worlds. One popular example is Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples are 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 being shut down by anyone. 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 have to do is to list them on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
Fixed Price
The seller will be the one to pay the cost that is the NFT. Just as the name suggests, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller puts up an NFT for sale and lists an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. You can then sell them through the marketplace.
Bundles
If you’re looking to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent fee affordable.
But, it is important to know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be minted as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers get as much as 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments for or deposit. Good Plants For Nft
The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains they can 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 look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain or coding. Good Plants For Nft
They also offer several types of digital currency, making their platform one of the biggest NFT marketplaces. Low platform charges are also a good way for you to make more money.
Cons
While it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Good Plants For Nft
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes, they have a support team can be reached via their contact form. Go to their official website and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support team?
Yes they have a customer support team that you can reach via their contact form. Go to the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they change every now and then.
