OpenSea is now one of the top platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you need. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you’d prefer to watch videos instead, you can check out the channel’s review. They will guide you through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.
For those who prefer reading, we’ll go over the basics before we examine its costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Hydroponics Nft Plan
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, 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 the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very 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 which is constantly growing. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea, all of the assets that are listed on this platform belong to users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk their NFT ownership.
If the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s examine each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even old technology.
As for NFTs, it is possible to collect avatars, virtual pets or any other characters that could be sold or acquired. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT became a reality. Today, you can also do the same with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards such as those of Sorare and BCCG.
Digital items related to sports are also available, like animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses and other things such as game items and the VR environment characters, virtual objects and even virtual land. One popular example can be Axie Infinity.
As bizarre as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list your products on the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller, you will be subjected to a one-time gas fee.
You can currently select among five selling options. The choices are:
The seller is the one to pay the price that is the NFT. As the name implies, it never changes.
In an auction like the Dutch Auction, the seller determines a price that will fall in the course of. Sellers typically set up very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they have agreed 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 will decrease as time passes. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you must know that certain NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be created as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For instance, game designers receive as much as 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit or debit cards for payment for or transfer funds. Hydroponics Nft Plan
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. Hydroponics Nft Plan
They also offer a range of digital currency, making it one of the largest NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it is decentralized and offers one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Hydroponics Nft Plan
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support staff that you can reach via the contact page. Just go to their website, and look on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach through their contact form. Just go to their website, and search for “Submit a request.”
Are you able 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. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, which means they constantly change every now and then.