OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an established marketplace will help you get the leverage you need. 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, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at videos instead, check out this channel’s review. They will guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
If you prefer to read, let’s look through what it is prior to we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? How Close To Space Grow Tubs In Nft
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets listed in the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to search for NFTs that 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 more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
As for NFTs, you can collect avatars and digital pet, or any other characters that could be sold or collected. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT became a reality. As of today, you can also create digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards such as those from Sorare as well as BCCG.
The digital objects associated with sports can also be collected like animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game objects and the VR environment virtual objects, characters or even virtual lands. A popular illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is post them on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select among five selling options. These are:
The seller is the one to pay the price for the NFT. Just as the name suggests, it never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them on the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be issued as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers get as much as 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit or debit cards to pay for or make a deposit. How Close To Space Grow Tubs In Nft
The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about coding or blockchain. How Close To Space Grow Tubs In Nft
They also offer several types of digital assets, which makes their platform one of the most popular NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it’s decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ How Close To Space Grow Tubs In Nft
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can reach via the contact page. Just go to their official website and search for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, so they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via the contact page. Just go to the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, therefore they constantly change every now and then.