OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform in the past. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d prefer to watch videos instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s go over the basics before we examine its costs 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Aquaponic System Pvc Pipe Spacing Pdf
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or older technology.
As for NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or acquired. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT was invented. As of today it is possible to create digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected such as animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses or other things like game objects, the VR environment, characters, virtual objects and even virtual land. A well-known example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and auction type then you’re all set.
For the first time sellers you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. These are:
The seller is the one to pay the cost for the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller sets a price that will decrease over time. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.
However, you have to understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be minted as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.
You also need to know that certain NFTs earn extra commissions. For example, game developers are paid as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments for or make a deposit. Nft Aquaponic System Pvc Pipe Spacing Pdf
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest with NFTs even if you don’t have prior experience or know-how in blockchain or coding. Nft Aquaponic System Pvc Pipe Spacing Pdf
They also offer a range of digital assets, which makes them one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it’s decentralized and has one of the most diverse NFT collections, it 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 crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs are also increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Aquaponic System Pvc Pipe Spacing Pdf
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via their contact form. Visit their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, therefore they constantly 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 with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team you can reach through its contact forms. Visit their official website and search at “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 then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, so they change from time to time.