OpenSea is now one of the leading markets for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it the right choice for you?
Before you go on our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at videos instead, you can check out the review of this channel. They’ll walk users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer the written word, go over what it is before we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Hydroponics Environmental Science Project
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was created 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 one of the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about them is that they allow users to post NFTs bought or created elsewhere.
What is the process behind OpenSea work?
If you’ve ever 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 by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.
That means unless the transaction is complete, your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a review of each.
Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Even before NFTs became popular, some people invested in collectibles such as baseball cards film props, or the older technologies.
For NFTs, you can gather avatars, virtual pets, or any other characters that could be sold or taken home. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most sought-after NFT, even before NFT became a reality. Today, you can also make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as short video clips.
It is also possible to collect digital trading cards, such as the ones from Sorare or BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters or even virtual lands. A well-known instance is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting 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 have to do is to 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 then you’re all set.
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 5 selling options. The choices are:
The seller is the one who will be charged the cost of the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller decides on a price which will fluctuate over the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they agree on a price.
The seller is required to put up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells it 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 through the platform. Then you can sell them in the marketplace.
If you are 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 is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
However, you have 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 commission in addition to or of the required 2.5%.
Furthermore, transactions to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers receive up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards to pay or deposit. Nft Hydroponics Environmental Science Project
The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain or coding. Nft Hydroponics Environmental Science Project
They also provide a variety of digital currency, which makes their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.
While it is decentralized and has one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.
You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. 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 wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.
OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Nft Hydroponics Environmental Science Project
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team you can contact through the contact page. Go to their official website and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, which means they constantly change from time to time.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through their contact form. Just go to the official site and look at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. It’s simple and free of gas to do, however you should check out their tutorials.
What are gas fees?
The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, therefore they change from time to time.