OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to release such a platform in the past. It’s seen 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 curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will provide the leverage you require. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you’d rather take a look at videos instead, check out this channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer the written word, go over the basics before we examine its costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Greenhouse Nft System Herbs
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs 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 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your wallet. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to simplify your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even older technology.
For NFTs, it is possible to collect avatars, virtual pets and other characters that can be traded or collected. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT prior to when NFT came to be. Today you can create digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected like animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual worlds. A popular illustration can be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list them in the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select among five selling options. They are:
The seller is the one to pay the cost that is the NFT. Just as the name suggests it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers typically set up very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game developers get up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, and debit card to make payments for or make a deposit. Greenhouse Nft System Herbs
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to 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 almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. Greenhouse Nft System Herbs
They also offer several types of digital asset, which makes their platform one of the largest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it is open source and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Greenhouse Nft System Herbs
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through their contact form. Go to the official site and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven in accordance with the current market conditions, therefore they constantly change from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through its contact forms. Just go to their official website and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, so they constantly change at regular intervals.