OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind in the past. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is a long read. If you’d rather watch a video instead, take a look at this channel’s review. They will guide the user through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
For those who prefer reading, we’ll go through what it is prior to we look into its fees and the benefits it offers.
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? Lettuce Germination Nft
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
That means unless the transaction is completed the digital assets will never leave your account. In addition, you don’t have to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.
Music
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even old technology.
For NFTs, you can collect avatars and digital pet or any other characters that could be sold or acquired. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT since before NFT became a reality. In the present, you can also do the same with digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
Trading Cards
You can also collect digital trading cards such as the ones from Sorare and BCCG.
Sports
Digital items related to sports can also be collected like animated team logos.
Virtual Worlds
VR environments and components can be purchased. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment characters, virtual objects or even virtual worlds. A well-known instance could be Axie Infinity.
Utility
As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is easy. All you have to do is post them on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from 5 selling options. These are:
Fixed Price
The seller is the one to charge the cost that is the NFT. Just as the name suggests it is not subject to change.
Dutch Auction
For the Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
English Auction
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be listed within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular galleries make money by getting a share of the paintings sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent fee affordable.
But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will depend on the market, but you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers get 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, and debit card to make payments or transfer funds. Lettuce Germination Nft
The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains 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 examine the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if there is no prior experience or know-how in blockchain or coding. Lettuce Germination Nft
They also offer a range of digital currency, making their platform one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.
Cons
While it is decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept transactions using currencies such as 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 creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide 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 concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Lettuce Germination Nft
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through the contact page. Just go to the official site and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, so they change every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can reach via its contact forms. Just go to the official site and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate from time to time.
