OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d rather watch videos instead, check out this channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll look over what it is before 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Hydroponic Channel
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea All of the assets on the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
If the transaction is complete your digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer examine each.
Music
Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or the older technologies.
For NFTs, you can collect avatars and digital pet or any other characters that could be sold or taken home. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art
Art has always been among the most sought-after NFT prior to when NFT was invented. As of today it is possible to do the same with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
Trading Cards
It is also possible to collect digital trading cards like those from Sorare and BCCG.
Sports
Digital items related to sports are also available, like animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. You can purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual lands. A well-known example is Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is simple. All you have to do is to list them on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.
If you are a first-time seller you will be subject to a single-use gas charge.
At present, you can select among five selling options. They are:
Fixed Price
The seller is the one to charge the price that is the NFT. Just as the name suggests the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes 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.
English Auction
The seller will put up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. They can be sold in the marketplace.
Bundles
If you want to sell multiple NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually an amount of the sales price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent cost affordable.
However, you have to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the standard 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be created as a valid non-fungible token after your NFT bid is accepted. The price for this process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For instance, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment for or make a deposit. Nft Hydroponic Channel
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s take a look at the benefits and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. Nft Hydroponic Channel
They also provide a variety of digital assets, making it one of the most popular NFT marketplaces. Low platform charges are also a good method to earn more income.
Cons
Although it is open source and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Hydroponic Channel
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to start.
Does OpenSea have a support team?
Yes they have a customer support team that you can contact through the contact page. Visit their website, and look for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at 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 sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs 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, therefore they change from time to time.
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through the contact page. Just go to their website, and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are gas fees?
Gas fees are transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, which means they fluctuate from time to time.
