OpenSea is now one of the leading platforms 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 become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can give you the leverage you require. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is a long read. If you prefer to watch videos instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you prefer to read, let’s look over the basics before we look into its fees and what it can offer.
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’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Hydroponic Nft Died Clean
OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is successful your digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.
Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes of beats, remixes or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars and digital pet or any other characters that could be traded or taken home. The rarer they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT was invented. Today, you can also do the same with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards, such as the ones from Sorare or BCCG.
Digital items related to sports can also be collected like animated logos of teams.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things like game elements, the VR environment, characters, virtual objects and even virtual land. A popular illustration can be Axie Infinity.
As absurd as it may sound there are also NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you need to do is list them on 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 then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
The seller will be the one to charge the cost for the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very high prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is in contrast to the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent cost reasonable.
However, you must be aware that certain 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 of the required 2.5%.
In addition, trading on Etheruem can be costly. Your NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For example, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards for payment for or transfer funds. Hydroponic Nft Died Clean
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Hydroponic Nft Died Clean
They also offer several types of digital assets, making it one of the biggest NFT marketplaces. The low platform charges are also a good way for you to earn more income.
Although it is decentralized and offers one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
It is also necessary to set up your own crypto wallet to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Hydroponic Nft Died Clean
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser with your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes they do have a support staff that you can contact through its contact forms. Just go to their website, and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, so they change at regular intervals.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. If you’re using it on your phone on the go, your 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 has a support team?
Yes, they have a support team you can reach through its contact forms. Visit their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, therefore they constantly change from time to time.