OpenSea has grown to become one of the most popular platforms for NFTs. It was the first to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with 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 suitable for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, take a look at this channel’s review. They will guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll go over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Hydroponic Tubes
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces which is similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea All of the assets on the marketplace are held by users, not the platform. Since they’re an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without having to risk losing their NFT ownership.
This means that unless the transaction is successful your digital assets will never leave your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to search for NFTs that you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s review of each.
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets, or any other characters that could be sold or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT became a reality. Today it is possible to do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or short video clips.
You can also collect digital trading cards, such as the ones from Sorare and BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things like game elements and the VR environment virtual objects, characters or even virtual lands. A popular instance can be Axie Infinity.
As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list them on the marketplace. It’s all you have to do is ensure your wallet is connected. 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 gas fee.
At present, you can select from 5 selling options. The choices are:
The seller is the one to charge the price for the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s 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 once they have agreed on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also create your own NFTs using the platform. Then you can sell them in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge 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. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only be charged 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee competitive.
But, it is important to understand that some NFTs have higher transaction fees as compared 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. Your NFT collection will be created as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers are paid 15 percent or more as commissions for the items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards to pay or transfer funds. Nft Hydroponic Tubes
The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft Hydroponic Tubes
They also offer a range of digital currency, which makes them one of the biggest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Although it is decentralized and offers one of the largest NFT collections, it has some 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.
It is also necessary to set up your own crypto wallet to sell or buy from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Hydroponic Tubes
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team you can reach via the contact page. Just go to their official website and look 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 then add it to the collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined in accordance with the current market conditions, which means they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser through your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach through their contact form. Go to their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, therefore they change from time to time.