OpenSea has become one of the leading platforms for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you’d prefer to take a look at a video instead, take a look at this channel’s review. They will guide users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll go over the basics before we examine its 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Grower’S Supply Nft Hydroponics System
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in the marketplace are held by the users, not the platform. Because they’re an open marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to buy. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even older technology.
For NFTs, you can collect avatars, digital pets, and other characters that can be sold or taken home. The more rare they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT since before NFT became a reality. As of today, you can also create digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like those of Sorare as well as BCCG.
Sports
Sports-related digital items are also available, for example, animated logos of teams.
Virtual Worlds
VR environments and components can be purchased. You can purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters or even virtual lands. One popular illustration could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is post your products on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
Fixed Price
The seller will be the one to charge the price that is the NFT. As the name implies the price never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller puts up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you want to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent fee affordable.
However, you must know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will depend on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers receive 15 percent or more as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards to pay for or make a deposit. Grower’S Supply Nft Hydroponics System
The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that 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 examine the advantages and drawbacks that come with using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Grower’S Supply Nft Hydroponics System
They also provide a variety of digital assets, making it one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
Cons
While it is decentralized and offers one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
You will also need to establish a crypto wallet to sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Grower’S Supply Nft Hydroponics System
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re trying it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team can be reached via the contact page. Go to the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can use. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach through the contact page. Visit their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, therefore they constantly change at regular intervals.
