OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has experienced 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 interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from a good marketplace can provide the leverage you need. That’s why we made this review – OpenSea has always been the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch a video instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.
If you like to read, let’s look over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Hydroponics Designs
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
How does OpenSea operate?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to the users, not the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is complete the 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.
If you’re a buyer, you can use their browser to find NFTs you’d like to purchase. There are filters that can simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music is among the most well-known NFTs all time. It’s not 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, some people invested in collectibles like baseball cards, movie props, or even the older technologies.
For NFTs, you can gather avatars, virtual pets, or other characters that can be sold or taken home. The more rare they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT since before NFT was invented. As of today you can do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or short video clips.
There is also the possibility of collecting digital trading cards like those from Sorare or BCCG.
The digital objects associated with sports are also available, like animated logos of teams.
VR environments and components can be purchased. You can buy these metaverses or other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. One popular example could be Axie Infinity.
As bizarre as it may sound there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them on the marketplace. You only have to make sure 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 you will be subject to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller will be the one to charge the price of the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller sets a price that will decrease in the course of. Sellers generally set high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.
The seller puts up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea will automatically accept the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent fee reasonable.
However, you must understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For instance, game developers get up to 15% as commissions on the products they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or deposit. Nft Hydroponics Designs
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about blockchain or coding. Nft Hydroponics Designs
They also provide a variety of digital currency, making their platform one of the most popular NFT marketplaces. The low platform costs are also a great method to make more money.
Although it is decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.
It is also necessary to establish a crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Hydroponics Designs
What do I need so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Go to the official site and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
These are transactions costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, therefore they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team you can reach via the contact page. Visit their website, and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then 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 check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, which means they constantly change every now and then.