OpenSea has become one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs and want to start from an established marketplace will help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you go on this journey, we’d like to caution you. This review is lengthy. If you prefer to take a look at a video instead, check out the review of this channel. They will guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer the written word, go through what it is prior to 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.
What is OpenSea? Hydroponic Vertical Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music, game items, and domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.
If the transaction is completed, your digital assets will never leave your account. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to look for NFTs you’d like to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer review of each.
Music
Music may be one of the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs became popular, some individuals were interested in collecting items like baseball cards, film props, or the older technologies.
As for NFTs, you can collect avatars, virtual pets, and other characters that can be traded or taken home. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT prior to when NFT was invented. Today it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.
Trading Cards
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Sports
Digital items related to sports can also be collected like animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters, or even virtual lands. One popular example is Axie Infinity.
Utility
As absurd as it may sound there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you have to do is post your products on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select from 5 selling options. These are:
Fixed Price
The seller will be the one who will be charged the cost for the NFT. Just as the name suggests, it never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. You can then sell them on the marketplace.
Bundles
If you are looking to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It is common for crypto or NFT marketplaces 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 galleries earn money through a portion of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent fee competitive.
However, you have to know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid is 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.
You also need to know that some NFTs charge extra commissions. For instance, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit, debit, and debit card to make payments for or make a deposit. Hydroponic Vertical Nft
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 disadvantages when using OpenSea.
Pros
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 do not have any experience or expertise in blockchain technology or programming. Hydroponic Vertical Nft
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Cons
While 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, it cannot support payments using currency like USD or Euros.
It is also necessary to establish a crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is 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 enables its customers to conduct transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Hydroponic Vertical Nft
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support staff that can be reached via the contact page. Just go to their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, which means they change at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through its contact forms. Go to the official site and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. 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 gas fees?
The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, which means they change every now and then.
