OpenSea has become one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs and want to start from a good marketplace can provide the leverage you require. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite a long read. If you’d prefer to watch videos instead, take a look at the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
For those who prefer reading, we’ll look over the basics before we look into its fees 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Hydropoinics Systems Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to the users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without having to risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser 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 kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music
Music may be one of the most well-known NFTs all time. It’s not limited to music only. You can also buy 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, or other types of sound effects.
Collectibles
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or acquired. The rarer they are, the more value they have. There are also variants such as 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. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as those from Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected, like animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. You can purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects or even virtual worlds. A popular example can be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is post them on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time fee for gas.
Currently, you can choose 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. Like the name suggests the price never changes.
Dutch Auction
In the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
Bundles
If you’re looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost affordable.
However, you have to know that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between 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 only be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers get as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit and debit card to make payments for or deposit. Hydropoinics Systems Nft
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that 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 look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Hydropoinics Systems Nft
They also offer several types of digital asset, making their platform one of the largest NFT marketplaces. The low platform charges are also a good way for you to make more money.
Cons
Although it’s open source and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
You will also need to create your crypto wallet to sell or purchase from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces can charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Hydropoinics Systems Nft
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, the browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support team you can reach via the contact page. Just go to the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they constantly change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that you can reach via the contact page. Go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
These are transactions fees from 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 by the market, so they constantly change every now and then.
