OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you’d rather watch videos instead, check out the review of this channel. They will guide users through OpenSea and its features so you’re aware of everything before you dive into 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 continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? How Much Water Should I Have On My Nft Hydroponics
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by users, not by the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete, your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to find NFTs you’d like to purchase. They also offer filters 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 usually belong. Let’s take a closer examine each.
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars, virtual pets, or other characters that can be traded or collected. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT came to be. Today you can do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as short video clips.
You can also collect digital trading cards like those from Sorare and BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR environments and components can be purchased. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A popular instance is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them in the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers you will be subject to a one-time gas fee.
You can currently select among five selling options. They are:
The seller will be the one to pay the cost of the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fall in time. Sellers typically set up very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
The seller puts up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the bid 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 are looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost competitive.
But, it is important to understand that some NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers are paid 15 percent or more commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments for or make a deposit. How Much Water Should I Have On My Nft Hydroponics
The NFTs can be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. How Much Water Should I Have On My Nft Hydroponics
They also offer a range of digital assets, which makes their platform one of the biggest NFT marketplaces. The low platform charges are also a good method to earn more income.
Although it’s decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without concern about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ How Much Water Should I Have On My Nft Hydroponics
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team can be reached via their contact form. Just go to the official site and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, which means they change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it with 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 topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via the contact page. Go to their website, and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, therefore they constantly change every now and then.