OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to watch videos instead, you can check out this channel’s review. They will guide the user through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer reading, we’ll look through what it is prior to we go over the 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 review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Hydroponic Nft Channel
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music game items, domain names.
It was created in the year 2018 in 2018 by 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 very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is complete your digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even old technology.
As for NFTs, you can collect avatars, digital pets, or other characters that can be traded or taken home. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT was invented. Today you can do the same with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards, such as those from Sorare and BCCG.
Sports-related digital items can also be collected for example, animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things such as game items and the VR environment characters, virtual objects or even virtual lands. A popular instance could be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is to list them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from five options for selling. They are:
The seller will be the one who will be charged the cost of the NFT. As the name implies, it never changes.
For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers usually set very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases 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 can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be listed within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you have to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, or debit cards to pay for or deposit. Hydroponic Nft Channel
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Hydroponic Nft Channel
They also offer several types of digital currency, making it one of the biggest NFT marketplaces. Low platform charges are also a good method to earn more income.
Although it is decentralized and offers one of the largest NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Hydroponic Nft Channel
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can contact through its contact forms. Go to their website, and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
These are transactions fees 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 in accordance with the current market conditions, therefore they fluctuate every now and then.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser through your phone on the go, your browsers should work 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 team?
Yes, they have a support team you can reach via its contact forms. Go to their official website and search at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, which means they constantly change from time to time.