OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and celebrities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can give you the leverage you require. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is lengthy. If you’d prefer to watch videos instead, take a look at the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you like to read, let’s go over what it is before we look into its fees 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 of OpenSea.
What is OpenSea? Hobby Growing Tomatoes In A Greenhouse Nft System
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest 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 sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea All of the assets on the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
If the transaction is successful, your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s examine each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even old technology.
As for NFTs, you can gather avatars, digital pets or any other characters that could be sold or collected. The more rare they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT prior to when NFT was invented. Today, you can also create digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards, such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected, for example, animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things such as game items and the VR environment virtual objects, characters, and even virtual land. A popular instance can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is list them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
For the first time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. These are:
The seller will be the one to charge the cost for the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they agree on a price.
The seller puts up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you’re looking to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost reasonable.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be created as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have extra commissions. For instance, game developers get 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment for or make a deposit. Hobby Growing Tomatoes In A Greenhouse Nft System
The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. Hobby Growing Tomatoes In A Greenhouse Nft System
They also provide a variety of digital asset, making them one of the most popular NFT marketplaces. Low platform costs are also a great way for you to earn more income.
Although it’s decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to create your crypto wallet to either sell or buy from the platform.
Like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Hobby Growing Tomatoes In A Greenhouse Nft System
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support team you can contact through its contact forms. Just go to the official site and search for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, which means they change from time to time.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach through the contact page. Visit their official website and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should check out their tutorials.
What are gas fees?
These are transactions charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they constantly change from time to time.