OpenSea is now one of the top markets for NFTs. It was the first to release such a platform over 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 other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an established marketplace will provide the leverage you need. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you’d rather watch videos instead, check out the review of this channel. They will guide the user through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you prefer reading, we’ll go through what it is prior to we look into its fees and the benefits it offers.
Before you continue, you may want to check out 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 of OpenSea.
What is OpenSea? How To Germinate Seeds For Hydroponic Nft System
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea All of the assets listed in the platform are owned by the users, not by the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is completed, your digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even old technology.
In the case of NFTs, you can gather avatars, virtual pets, or any other characters that could be sold or taken home. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT since before NFT came to be. In the present you can create digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards such as those from Sorare as well as BCCG.
Sports
Digital items related to sports are also available, for example, animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual lands. One popular example is Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is to list them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price 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 will be the one who will be charged the price that is the NFT. As the name implies it is not subject to change.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
English Auction
The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be in the range of $100 for each 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 options?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit and debit card to make payments or transfer funds. How To Germinate Seeds For Hydroponic Nft System
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they can 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 benefits and disadvantages that come with using OpenSea.
Pros
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. How To Germinate Seeds For Hydroponic Nft System
They also offer a range of digital asset, making their platform one of the most popular NFT marketplaces. The low platform costs are also a great way for you to make more money.
Cons
Although it is open source and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Bottom Line
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ How To Germinate Seeds For Hydroponic Nft System
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via their contact form. Go to the official site and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction charges 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 constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via its contact forms. Just go to their website, and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, which means they constantly change from time to time.
