OpenSea is now one of the most popular markets for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you require. 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 our review, we’d like warn you. This review is quite an extensive read. If you prefer to watch a video instead, take a look at this channel’s review. They will guide the user through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll look through what it is prior to we look into its fees and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? How To Start Seedlings For Nft
OpenSea is a marketplace that deals in non-fungible tokens, 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 limited to music, art games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of 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 expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your wallet. Moreover, you aren’t 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 browser to find NFTs you’d like to buy. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.
Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even old technology.
As for NFTs, you can gather avatars, digital pets or any other characters that could be traded or collected. The rarer they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT came to be. As of today it is possible to make the same thing with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as those from Sorare or BCCG.
Sports-related digital items can also be collected, for example, animated logos of teams.
VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual worlds. A popular illustration could be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller is the one who will be charged the price for the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall in time. Sellers usually set very expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% fee reasonable.
But, it is important to understand that some NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be issued as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will be based on the market, but you can anticipate it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards to pay for or deposit. How To Start Seedlings For Nft
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in coding or blockchain. How To Start Seedlings For Nft
They also offer a range of digital assets, making their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.
While it is open source and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.
Similar to cryptocurrency NFTs are also 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 wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ How To Start Seedlings For Nft
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via the contact page. Visit their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have 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 auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they change from time to time.
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 with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via their contact form. Just go to the official site and look on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they constantly change at regular intervals.