OpenSea is now one of the top markets 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 are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is a long read. If you prefer to take a look at a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll go over what it is before we examine its 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Hydroponic Nft Systems
OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets listed in the marketplace are held by users, not by the platform. Since they are an open marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.
If the transaction is successful the digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, and even older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be traded or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT came to be. In the present, you can also create digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
You can also collect digital trading cards such as those from Sorare and BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR space and other elements can be purchased. You can buy these metaverses, or other items like game objects as well as the VR environment characters, virtual objects and even virtual land. One popular illustration can be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is to list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select among five selling options. They are:
The seller is the one who will be charged the cost that is the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It is common for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% cost competitive.
However, you must be aware that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers receive up to 15% commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, or debit cards for payment for or deposit. Hydroponic Nft Systems
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Hydroponic Nft Systems
They also provide a variety of digital currency, making them one of the most popular NFT marketplaces. Low platform fees are also an excellent way for you to earn more income.
While it is decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s 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 market becomes more integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Hydroponic Nft Systems
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support team can be reached via their contact form. Just go to their official website and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they constantly change at regular intervals.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via their contact form. Visit the official site and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.