OpenSea has become one of the leading marketplaces for NFTs. It’s also the first one to release such a platform in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you prefer to watch a video instead, take a look at the review of this channel. They’ll guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll look over what it is before we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? How To Set Up Nft For Weed
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on 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 putting at risk their NFT ownership.
That means unless the transaction is successful the digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their search engine to look for 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 about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or the older technologies.
In the case of NFTs, you can gather avatars and digital pet, and other characters that can be traded or collected. The more rare they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT became a reality. In the present it is possible to create digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards like those of Sorare or BCCG.
Sports-related digital items are also available, for example, animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A popular illustration is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them in the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. They are:
The seller will be the one to pay the price that is the NFT. Just as the name suggests, it never changes.
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 decreases until it’s equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and lists a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
If you’re looking to sell several NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% cost competitive.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional commission in addition to or of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For instance, game designers get as much as 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as 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 make use of PayPal, credit, and debit card to make payments or deposit. How To Set Up Nft For Weed
The NFTs are only able to be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list with 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 examine the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have any experience or expertise in coding or blockchain. How To Set Up Nft For Weed
They also provide a variety of digital assets, which makes them one of the biggest NFT marketplaces. Low platform fees are also an excellent method to make more money.
While it is decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ How To Set Up Nft For Weed
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea has a support team?
Yes, they have a support team that can be reached via its contact forms. Just 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 be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction charges from 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 by the market, so they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers should work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through the contact page. Go to the official site and search for “Submit a request.”
Do you have the ability to mint 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 them, list them for auction. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, so they constantly change at regular intervals.