OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s go over what it is before we examine its costs and what it can 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? How Far Apart Do Plants Need To Be To Grow Hydroponics Nft
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not limited to music, art game items, domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is successful, your digital assets will never be removed from your account. Furthermore, you’re not required to create your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even older technology.
As for NFTs, you can gather avatars, digital pets and other characters that can be sold or collected. The rarer they are, the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT, even before NFT was invented. Today, you can also do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
Digital items related to sports are also available, for example, animated logos of teams.
VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things like game objects, the VR environment, characters, virtual objects and even virtual land. One popular illustration could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites can be 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 selling options?
Selling your products on OpenSea is simple. All you need to do is to list them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select from five options for selling. They are:
The seller is the one to pay the price of the NFT. Like the name suggests, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers generally set expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
If you want to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.
However, you have to know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid, non-fungible token after your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit or debit cards for payment for or transfer funds. How Far Apart Do Plants Need To Be To Grow Hydroponics Nft
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. How Far Apart Do Plants Need To Be To Grow Hydroponics Nft
They also offer several types of digital asset, which makes their platform one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to earn more income.
Although it is decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ How Far Apart Do Plants Need To Be To Grow Hydroponics Nft
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via the contact page. Just go to the official site and search at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they fluctuate at regular intervals.
What do I need so I can make use of 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. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach through the contact page. Visit their website, and search at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, which means they change at regular intervals.