OpenSea has grown to become one of the top platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you prefer to watch videos instead, take a look at the channel’s review. They’ll walk users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll go over the basics before we look into its fees and what it has to offer.
Before you go on, 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 our article for a more comprehensive review of OpenSea.
What is OpenSea? Growing Hydroponics Vegetables Nft System
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without risking losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can collect avatars and digital pet or other characters that can be sold or acquired. The rarer they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT came to be. As of today it is possible to create digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
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 for example, animated team logos.
VR environments and components are now available for purchase. It is possible to purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects or even virtual worlds. One popular example can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
At present, you can select from five options for selling. The choices are:
The seller will be the one to pay the cost that is the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fall over time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes 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 when they agree on a price.
The seller will put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them through the marketplace.
If you want to sell several NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items are available within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be issued as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards to pay for or make a deposit. Growing Hydroponics Vegetables Nft System
The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Growing Hydroponics Vegetables Nft System
They also offer a range of digital asset, which makes it one of the most popular NFT marketplaces. The low platform charges are also a good way for you to make more money.
Although it’s decentralized and offers one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Growing Hydroponics Vegetables Nft System
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team you can contact through the contact page. Go to 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 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 sale. This is a simple and low-cost method to do, however you should look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, which means they constantly change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach through its contact forms. Just go to their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, which means they change every now and then.