OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed an interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will provide the leverage you need. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you go on, we’d like to warn you. This review is quite a long read. If you’d rather take a look at a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer the written word, go over the basics before we look into its fees and what it can offer.
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 of OpenSea.
What is OpenSea? Nft Cannabis Plants
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer, you can use their browser to search for NFTs that you’d like to buy. 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 that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.
Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even old technology.
In the case of NFTs, you can collect avatars, virtual pets, or other characters that can be sold or acquired. The rarer they are the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT, even before NFT came to be. As of today you can make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
You can also collect digital trading cards, such as those from Sorare as well as BCCG.
Sports-related digital items can also be collected, for example, animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things like game objects and the VR environment virtual objects, characters or even virtual worlds. A popular example is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and auction type and you’re ready to go.
For the first time sellers, you will be subjected to a single-use gas charge.
You can currently select from five options for selling. They are:
The seller is the one to charge the cost of the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very expensive 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 reach an agreement on the price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any fees?
It is common for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have to be aware that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percent.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be created as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For instance, game developers receive as much as 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment or deposit. Nft Cannabis Plants
The NFTs can be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Nft Cannabis Plants
They also offer a range of digital asset, making their platform one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it’s decentralized and offers one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Cannabis Plants
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to begin.
Does OpenSea have a support staff?
Yes they have a customer support team that can be reached via its contact forms. Go to their official website and look for “Submit a request.”
Are you able to earn money 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. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, therefore they constantly change every now and then.
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through its contact forms. Just go to their website, and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
These are transactions costs 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 periodic fees. Prices are determined in accordance with the current market conditions, which means they fluctuate every now and then.