OpenSea is now one of the leading platforms for NFTs. It’s also the first to launch a platform like this in the past. It has seen 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 enthusiasm. 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 require. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is quite lengthy. If you prefer to take a look at videos instead, take a look at the channel’s review. They’ll walk users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you like to read, let’s look over the basics before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Hydroponic Nft Design
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets that are listed on this platform belong to users, not by the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can use their browser to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.
Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even old technology.
For NFTs, you can gather avatars, virtual pets, or other characters that can be traded or acquired. The rarer they are the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT, even before NFT came to be. In the present it is possible to create digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR environments and components can now also be bought. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual lands. A well-known example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. 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 being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is to list your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller will be the one to pay the price for the NFT. Just as the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the artworks sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost affordable.
However, you must be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will 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 conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know 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, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, and debit card to make payments or transfer funds. Hydroponic Nft Design
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages that come with using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. Hydroponic Nft Design
They also offer several types of digital asset, making it one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Although it is decentralized and offers one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to create your cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Hydroponic Nft Design
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser on your mobile phone, the browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through the contact page. Just go to their official website and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can 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, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, so they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through its contact forms. Go to their website, and look at “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, which means they change from time to time.