OpenSea has grown to become one of the leading markets for NFTs. It was the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an established marketplace will give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you go on this journey, we’d like to caution you. This review is an extensive read. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer the written word, look through what it is prior to we examine its costs and the benefits it offers.
Before you go on, 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 Aquaponics Pipe Size
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The NFTs available are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea All of the assets that are listed on the platform are owned by the users, not the platform. Since they are an uncentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is complete your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars, digital pets, or any other characters that could be traded or taken home. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. In the present, you can also do the same with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
You can also collect digital trading cards, such as those from Sorare and BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR spaces and elements are now available for purchase. You can purchase these metaverses and other things like game elements, the VR environment, characters, virtual objects or even virtual lands. A well-known illustration could be Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is to list them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. The choices are:
The seller is the one to charge the cost that is the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will decrease over time. Sellers usually set very expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller will put up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any fees?
It’s normal 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. Similar to how regular galleries earn money through a portion of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent fee reasonable.
However, you must be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers are paid up to 15% as commissions for items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards for payment or transfer funds. Nft Aquaponics Pipe Size
The NFTs are only able to be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 look at the advantages and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in blockchain or coding. Nft Aquaponics Pipe Size
They also offer several types of digital assets, which makes it one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Although it is decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and strange, which is 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. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Aquaponics Pipe Size
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support staff that you can contact through its contact forms. Go to their official website and look for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, so they fluctuate from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Go to their official website and search at “Submit a request.”
Can you mint at OpenSea?
You can make a mint using 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, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.
What are the gas prices?
These are transactions fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, so they fluctuate every now and then.