OpenSea is now one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs, then starting from a good marketplace can give you the leverage you require. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on, we’d like to warn you. This review is lengthy. If you’d prefer to watch a video instead, take a look at this channel’s review. They’ll walk users through OpenSea and its features so that you understand everything before you jump in with NFT trading.
For those who prefer reading, we’ll look through what it is prior to we go over the costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Cannabis
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without having to risk their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your account. Moreover, you aren’t required to create your account. All you need is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music could be 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 like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even old technology.
As for NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or taken home. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT became a reality. Today, you can also make the same thing with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR environments and components can be purchased. It is possible to purchase these metaverses and other things such as game items, the VR environment, characters, virtual objects and even virtual land. A popular instance could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you have to do is to list them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and auction type, 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.
Currently, you can choose from five options for selling. They are:
The seller will be the one to charge the price of the NFT. As the name implies, it never changes.
For an auction like the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers usually set very expensive prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee competitive.
However, you have to know that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percentage.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs charge additional commissions. For instance, game designers are paid 15 percent or more as commissions on the products 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 be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal credit, debit, or debit cards for payment for or deposit. Nft Cannabis
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, 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 technology or programming. Nft Cannabis
They also provide a variety of digital asset, making their platform one of the largest NFT marketplaces. The low platform costs are also a great way for you to make more money.
Although it is decentralized and has one of the largest NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency NFTs are also expanding over the past few years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Cannabis
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to get started.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via its contact forms. Go to the official site and look for “Submit a request.”
Can you earn money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are the costs for gas?
Gas fees are transaction 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. The price is determined by the market, which means they fluctuate from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through the contact page. Visit the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, which means they constantly change every now and then.