OpenSea has become one of the top marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top 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’d prefer to watch videos instead, check out the review of this channel. They will guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, go 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? How To Attach Drain Pipe Hydroponics Nft
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea operate?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete, your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can use their browser to find NFTs you’d like to purchase. They also offer filters to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music
Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even older technology.
In the case of NFTs, you can gather avatars, virtual pets, or other characters that can be sold or taken home. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT since before NFT became a reality. Today it is possible to do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as the ones from Sorare or BCCG.
Sports
The digital objects associated with sports are also available, such as animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things like game elements and the VR environment characters, virtual objects or even virtual worlds. A well-known example could be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list them on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. The choices are:
Fixed Price
The seller is the one to pay the cost of the NFT. Like the name suggests the price never changes.
Dutch Auction
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers generally set expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they agree on a price.
English Auction
The seller puts up an NFT for sale and lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee competitive.
However, you have to understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created 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 anticipate that it will be around $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit and debit card to make payments or deposit. How To Attach Drain Pipe Hydroponics Nft
The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest with NFTs even if you don’t have experience or knowledge about coding or blockchain. How To Attach Drain Pipe Hydroponics Nft
They also offer several types of digital assets, which makes their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.
Cons
While it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ How To Attach Drain Pipe Hydroponics Nft
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through its contact forms. Go to their website, and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, which means they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via its contact forms. Visit their website, and look for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. It’s simple and free of gas but you could also look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, so they fluctuate every now and then.
