OpenSea has become one of the leading markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s look through what it is prior to we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Hydroponics Greenhouse Explanation Drawing Nft System
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets that are listed on this platform belong to users, not by the platform. Since they are an uncentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk the security of their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to simplify your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s 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 purchase 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 became popular, some people invested in collectibles like baseball cards, film props, or old technology.
In the case of NFTs, you can collect avatars, digital pets or any other characters that could be traded or acquired. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT came to be. Today you can create digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual worlds. A popular illustration can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list your products on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and auction type then you’re all set.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from five options for selling. They are:
The seller will be the one to charge the price for the NFT. As the name implies the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers usually set very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price drops 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.
You can also mint your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea You will only be charged 2.5 percent when purchasing an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be issued as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game designers receive up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or make a deposit. Hydroponics Greenhouse Explanation Drawing Nft System
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can 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 of using OpenSea.
OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Hydroponics Greenhouse Explanation Drawing Nft System
They also offer several types of digital assets, which makes them one of the largest NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Although it is decentralized and offers one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem allows users to transact without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Hydroponics Greenhouse Explanation Drawing Nft System
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through its contact forms. Just go to their official website and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they change from time to time.
What are the requirements I must meet before 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 a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach through its contact forms. Just go to the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, therefore they fluctuate every now and then.