OpenSea is now one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with an appropriate marketplace can give you the leverage you require. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you prefer to take a look at videos instead, you can check out the review of this channel. They will guide users through OpenSea and its functions so you’re fully aware before you begin NFT trading.
If you prefer the written word, look over the basics before we go over the 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. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Cannabis Grow
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets listed in this platform belong to users, not by the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.
If the transaction is complete the digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.
In the event that you’re buying, you can utilize their website to look for NFTs you’d like to purchase. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a examine each.
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, movie props, or even the older technologies.
For NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or acquired. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT since before NFT came to be. As of today you can create digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
You can also collect digital trading cards such as those from Sorare as well as BCCG.
Digital items related to sports can also be collected like animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses or other things like game elements as well as the VR environment virtual objects, characters or even virtual worlds. One popular example is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific functions. Examples include 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 from 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. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and type of auction, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
You can currently select from five options for selling. They are:
The seller is the one who will be charged the price of the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers generally set expensive 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 can be sold when they have agreed on a price.
The seller puts up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold through the marketplace.
If you want to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the artworks sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% fee affordable.
However, you must know that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs charge additional commissions. For instance, game developers get 15 percent or more as 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 use PayPal credit, debit, or debit cards to pay for or deposit. Nft Cannabis Grow
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Nft Cannabis Grow
They also offer several types of digital currency, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it is decentralized and offers one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Cannabis Grow
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. When you’re using the browser on your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled up to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through its contact forms. Go to their website, and look for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to 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 is a one-time fee and recurring fees. Prices are determined by the market, which means 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 users can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach through the contact page. Go to their official website and look at “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. It’s simple and free of gas but you could also go through their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, which means they constantly change every now and then.