OpenSea is now one of the top marketplaces 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 also more well-known since celebrities and celebrities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is an extensive read. If you prefer to watch videos instead, you can check out this channel’s review. They’ll walk users 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 look through what it is prior to 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? How Many Strawberry Plants Can You Grow In A Hydroponic Nft System
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they use smart contracts that allow users can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is complete the digital assets will never leave your account. In addition, you don’t have to make your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even older technology.
For NFTs, you can gather avatars, virtual pets and other characters that can be sold or acquired. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT came to be. In the present it is possible to make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Sports-related digital items are also available, such as animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things like game elements as well as the VR environment virtual objects, characters, or even virtual lands. A popular instance can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains 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 easy. All you need to do is post 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, you’re good to go.
If you are a first-time seller 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. They are:
The seller is the one to pay the price of the NFT. Like the name suggests, it never changes.
For an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to that of 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 mint your own NFTs via the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee affordable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the standard 2.5 percent.
In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers get 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create 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 or make a deposit. How Many Strawberry Plants Can You Grow In A Hydroponic Nft System
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about blockchain technology or programming. How Many Strawberry Plants Can You Grow In A Hydroponic Nft System
They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
While it is open source and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as five percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ How Many Strawberry Plants Can You Grow In A Hydroponic Nft System
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through the contact page. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees from 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 through the marketplace, which means they change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, your browsers should work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through their contact form. Go to the official site and search for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction costs that are charged by 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 through the marketplace, which means they change every now and then.