OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest 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 always been the leading NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you prefer to watch videos instead, you can check out the channel’s review. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you like to read, let’s go over the basics before we go over the costs and the benefits it offers.
Before you continue, 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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft 24 Plant
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them 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 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, a concept that is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.
This means that unless the transaction is completed your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.
Music could be among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even the older technologies.
For NFTs, you can gather avatars, virtual pets, and other characters that can be sold or collected. The rarer they are the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT prior to when NFT became a reality. Today you can do the same with digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected, such as animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual lands. One popular illustration could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as 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 on OpenSea is simple. All you need to do is list your products on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. They are:
The seller is the one who will be charged the cost that is the NFT. As the name implies it is not subject to change.
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers generally set high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them through the marketplace.
If you want to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.
Are there any charges?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost reasonable.
But, it is important to understand that some NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers receive up to 15% as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit and debit card to make payments or transfer funds. Nft 24 Plant
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain or coding. Nft 24 Plant
They also provide a variety of digital assets, which makes them one of the largest NFT marketplaces. Low platform costs are also a great method to make more money.
Although it’s decentralized and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase on the platform.
Like cryptocurrencies NFTs have also been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to transact without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft 24 Plant
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach via their contact form. Go to the official site and look at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by 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 change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team you can reach through their contact form. Visit their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they constantly change from time to time.