OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first 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 other famous people have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is a long read. If you’d rather watch videos instead, take a look at this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you prefer the written word, look over the basics before we look into its fees and what it can offer.
Before you continue, you may want to check out 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 Systems Nft
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things 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 previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is successful, your digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can utilize their website to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer review of each.
Music is among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even older technology.
For NFTs, you can gather avatars and digital pet, or any other characters that could be traded or taken home. The rarer they are the greater 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 was invented. As of today it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR spaces and elements are now available for purchase. You can purchase these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. A popular instance can be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is list them in the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
The seller is the one to pay the cost of the NFT. Like the name suggests, it never changes.
In an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they agree on a price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs using the platform. They can be sold on the marketplace.
If you want to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost affordable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game designers get as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay for or make a deposit. Hydroponics Systems Nft
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using 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 disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Hydroponics Systems Nft
They also offer several types of digital asset, making it one of the largest NFT marketplaces. Low platform costs are also a great way for you to make more money.
While it is decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or purchase on the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included as the industry becomes 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 percentage charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Hydroponics Systems Nft
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via their contact form. Just go to their website, and search for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, 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 that you can use. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach through the contact page. Go to their official website and search at “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 add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, which means they fluctuate from time to time.