OpenSea has become one of the leading platforms for NFTs. It’s also the first to release such a platform in the past. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs, then starting from an appropriate marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you prefer to take a look at a video instead, you can check out this channel’s review. They will guide you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.
If you prefer to read, let’s look over what it is before we go over the 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 of OpenSea.
What is OpenSea? Nft Hydroponic Design
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted 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 with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea All of the assets listed in the marketplace are held by users, not by the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your wallet. In addition, you don’t have to open an account. All you require is to possess a wallet that is compatible with web3.
If you’re a buyer you can use their search engine to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even older technology.
In the case of NFTs, you can gather avatars and digital pet or any other characters that could be sold or collected. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT was invented. Today it is possible to make the same thing with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected for example, animated logos of teams.
VR spaces and elements can be purchased. You can buy these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. A well-known instance is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is to list them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. The choices are:
The seller is the one to charge the price of the NFT. Just as the name suggests it is not subject to change.
In an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers typically set up very expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent fee reasonable.
But, it is important to know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will only be minted as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be around $100 per NFT.
It is also important to be aware that certain NFTs earn additional commissions. For example, game developers are paid as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
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 use PayPal credit or debit cards to pay or make a deposit. Nft Hydroponic Design
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of 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 can be decentralized which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Hydroponic Design
They also offer several types of digital assets, making it one of the most popular NFT marketplaces. The low platform costs are also a great method to earn more income.
Although it is open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase 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 broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Hydroponic Design
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through their contact form. Go to their website, and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should look over their instructional videos.
What are gas fees?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, so they constantly change from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach through their contact form. Just go to the official site and search on the page for “Submit a request.”
Can you mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the gas prices?
These are transactions charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, therefore they change at regular intervals.