OpenSea has become one of the leading platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you’d prefer to take a look at a video instead, check out the review of this channel. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.
If you like the written word, look over the basics before we examine its costs 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 the article for a more comprehensive review.
What is OpenSea? Hydroponic Flood And Nft Combined
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not by the platform. Because they’re an uncentralized marketplace, they use 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 the digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d prefer to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.
Music
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, and even the older technologies.
For NFTs, you can collect avatars, virtual pets or other characters that can be sold or taken home. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT prior to when NFT came to be. As of today, you can also create digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Sports
The digital objects associated with sports are also available, like animated logos of teams.
Virtual Worlds
VR environments and components can now also be bought. You can purchase these metaverses, or other items like game objects as well as the VR environment characters, virtual objects or even virtual lands. A well-known illustration is Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered 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 have to do is to list them on the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For the first time sellers, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller will be the one to charge the price for the NFT. Just as the name suggests the price never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they have agreed on a price.
English Auction
The seller will put up an NFT for sale and will list a minimum price. This is different from the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. You can then sell them in the marketplace.
Bundles
If you are looking to sell several NFTs in 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.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost competitive.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem is costly. The NFT collection will only be issued as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game designers receive as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit or debit cards for payment or transfer funds. Hydroponic Flood And Nft Combined
The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with 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 examine the benefits and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in blockchain or coding. Hydroponic Flood And Nft Combined
They also offer several types of digital asset, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Cons
Although it’s decentralized and offers one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, 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 from the platform.
Bottom Line
Just 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. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent 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.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Hydroponic Flood And Nft Combined
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Visit their official website and search at “Submit a request.”
Are you able 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. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can contact through their contact form. Visit their website, and look for “Submit a request.”
Can you earn money at OpenSea?
You can also mint at 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 check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, therefore they constantly change at regular intervals.
