OpenSea is now one of the top platforms for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with 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 suitable for you?
Before you go on this journey, we’d like to caution you. This review is quite a long read. If you prefer to watch a video instead, check out the review of this channel. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer the written word, look through what it is prior to we look into its fees and what it has to offer.
Before you continue, 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 our article for a more comprehensive review.
What is OpenSea? Nft Hydroponic Growing Plant Supports
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.
For OpenSea All of the assets that are listed on the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.
This means that unless the transaction is completed your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you have to do is have a web3 supported wallet.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
What types of NFTs are available to 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 review of each.
Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist offers. 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 old technology.
In the case of NFTs, you can gather avatars, virtual pets or other characters that can be sold or collected. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT since before NFT came to be. Today it is possible to make the same thing with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.
There is also the possibility of collecting 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 space and other elements can be purchased. You can buy these metaverses and other things like game elements as well as the VR environment characters, virtual objects and even virtual land. A popular illustration is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can 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 your products on OpenSea is easy. All you need to do is to list your products on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.
At present, you can select from five options for selling. They are:
The seller is the one who will be charged the price for the NFT. Like the name suggests the price never changes.
For the Dutch Auction, the seller sets a price that will fall in the course of. Sellers generally set expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs via the platform. You can then sell them in the marketplace.
If you are looking to sell multiple NFTs under 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 additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the paintings sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% fee affordable.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers get as much as 15% 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. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal, credit, or debit cards to pay for or make a deposit. Nft Hydroponic Growing Plant Supports
The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Nft Hydroponic Growing Plant Supports
They also offer several types of digital currency, which makes it one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.
While it is decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or buy from the platform.
Like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds 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 as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems reasonableconsidering that some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Hydroponic Growing Plant Supports
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes, they have a support team that can be reached via the contact page. Visit their official website and look for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they fluctuate at regular intervals.
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be fully charged to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through their contact form. Go to their official website and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt 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 from time to time.