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 become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with a good marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is a long read. If you’d prefer to take a look at videos instead, take a look at the channel’s review. They will guide you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s look over what it is before we examine its costs and the benefits it offers.
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 our article for a more comprehensive review.
What is OpenSea? How To Get Starter Plants For Nft System
OpenSea is a marketplace that deals in non-fungible currency, 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 only limited to art, music, game items, and domain names.
It was established in the year 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 which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by users, not the platform. Since they’re an open marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is successful the digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer, you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s take a closer review of each.
Music
Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars, digital pets and other characters that can be traded or acquired. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT, even before NFT came to be. Today it is possible to do the same with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.
Trading Cards
You can also collect digital trading cards like the ones from Sorare or BCCG.
Sports
Digital items related to sports can also be collected like animated logos of teams.
Virtual Worlds
VR space and other elements can be purchased. It is possible to purchase these metaverses, or other items such as game items and the VR environment characters, virtual objects and even virtual land. A well-known instance is Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to being 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 simple. All you have to do is post them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
At present, you can select from five options for selling. These are:
Fixed Price
The seller is the one to charge the cost that is the NFT. Just as the name suggests, it never changes.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will decrease over time. Sellers generally set expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT for sale and will list a minimum price. It’s opposite to that of the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold on the marketplace.
Bundles
If you are 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 is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost competitive.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 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 costs for the process will be based on the market, but you can anticipate it to be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers are paid 15 percent or more commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, 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 or make a deposit. How To Get Starter Plants For Nft System
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that 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 advantages and drawbacks that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if there is no any experience or expertise in coding or blockchain. How To Get Starter Plants For Nft System
They also provide a variety of digital currency, which makes it one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Cons
Although it’s open source and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, 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 purchase on the platform.
Bottom Line
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ How To Get Starter Plants For Nft System
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support staff that can be reached via its contact forms. Go to their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can 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, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, therefore they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via their contact form. Go to the official site and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, therefore they change at regular intervals.
