OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to release such a platform in the past. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an established marketplace will help you get the leverage you require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like to read, let’s go over what it is 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 review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Hydroponic Nft System Wholesale
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t limited to music, art game items, domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without putting at risk losing their NFT ownership.
If the transaction is completed your digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds 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 usually belong. Let’s review of each.
Music
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars and digital pet and other characters that can be sold or collected. The rarer they are the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT, even before NFT became a reality. In the present, you can also make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
You can also collect digital trading cards like the ones from Sorare and BCCG.
Sports
Sports-related digital items are also available, for example, animated team logos.
Virtual Worlds
VR environments and components can now also be bought. You can purchase these metaverses or other things such as game items as well as the VR environment virtual objects, characters, or even virtual worlds. A popular illustration could be Axie Infinity.
Utility
As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is simple. All you have to do is to list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from 5 selling options. These are:
Fixed Price
The seller is the one who will be charged the cost that is the NFT. Like the name suggests it is not subject to change.
Dutch Auction
In an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold when they agree on a price.
English Auction
The seller puts up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price decreases over time. In the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
But, it is important to be aware that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers get as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay or deposit. Hydroponic Nft System Wholesale
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets 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 take a look at the advantages and drawbacks that come with using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about coding or blockchain. Hydroponic Nft System Wholesale
They also offer a range of digital assets, which makes it one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Cons
Although it is open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Hydroponic Nft System Wholesale
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via its contact forms. Just go to their website, and look at “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, so they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach through its contact forms. Go to the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven in accordance with the current market conditions, therefore they change from time to time.
