OpenSea has become one of the leading marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest using NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is an extensive read. If you prefer to watch a video instead, check out the review of this channel. They’ll guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s look over the basics before we examine its costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Hydroponic System Minimizing Noise
OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.
For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they use smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying, you can utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a look at each.
Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards film props, or older technology.
As for NFTs, it is possible to 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 is always one of the most popular NFT, even before NFT came to be. In the present you can create digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters or even virtual worlds. A well-known example could be Axie Infinity.
As absurd as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
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 ensure that your wallet is connected. Once you’ve added your price and type of auction and you’re ready to go.
For the first time sellers you will be subject to a one-time fee for gas.
You can currently select from 5 selling options. These are:
The seller will be the one who will be charged the price that is the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller sets a price that will fall in time. Sellers usually set very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree on a price.
The seller will put up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost competitive.
However, you have to understand that some NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem could be expensive. Your NFT collection will be created as a valid non-fungible token once your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can expect it to be in the range of $100 for each NFT.
You also need to know that some NFTs have extra commissions. For instance, game developers receive as much as 15% commissions on the products they’ve sold.
What are the payment options?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or transfer funds. Nft Hydroponic System Minimizing Noise
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they 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 in NFTs, even if there is no experience or knowledge about coding or blockchain. Nft Hydroponic System Minimizing Noise
They also offer a range of digital currency, which makes their platform one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.
Although it’s decentralized and offers one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Hydroponic System Minimizing Noise
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea have a support staff?
Yes they have a customer support team you can reach via its contact forms. Go to the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, therefore they constantly change every now and then.
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can use. In the event that you’re using it through your phone on the go, your 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 get started.
Does OpenSea have a support team?
Yes, they have a support team you can reach via the contact page. Just go to the official site and search at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell them, put them up for sale. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, which means they constantly change every now and then.