OpenSea has become one of the most popular platforms for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs, then starting from a good marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is lengthy. If you prefer to watch videos instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like the written word, look through what it is prior to we examine its costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Distance Between Plants
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to users, not the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is successful your digital assets will never leave your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music may be one of the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars and digital pet, or other characters that can be sold or collected. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. Today you can create digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected such as animated team logos.
VR environments and components are now available for purchase. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters, and even virtual land. One popular illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is post them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. The choices are:
The seller is the one to charge the price that is the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may 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 different from auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you want to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed as part of the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have to know that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For instance, game designers get 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay or make a deposit. Nft Distance Between Plants
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have experience or knowledge about blockchain technology or programming. Nft Distance Between Plants
They also offer several types of digital assets, making them one of the most popular NFT marketplaces. The platform’s low costs are also a great method to make more money.
While it is open source and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
You will also need to establish a crypto wallet to sell or purchase on the platform.
Similar to cryptocurrency NFTs have also been increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces can charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Distance Between Plants
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to get started.
Does OpenSea have a support staff?
Yes they do have a support team that can be reached via its contact forms. Just go to their website, and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, which means they change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via their contact form. Just go to their official website and look at “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, which means they change at regular intervals.