OpenSea is now one of the leading platforms 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 have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs beginning with a good marketplace can provide the leverage you require. That’s why we made this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you start, we’d like to warn you. This review is quite a long read. If you prefer to watch a video instead, you can check out the review of this channel. They will guide users through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
For those who prefer to read, let’s go over what it is before we look into its fees and the benefits it offers.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Hydroponics How To
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as domain names.
It was created in the year 2018 with the help of 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 first NFT marketplaces and a concept as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.
This means that unless the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you have to do is have a web3 supported wallet.
In the event that you’re buying you can use their browser to search for NFTs that you’d like to buy. There are filters that can aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.
Music may be one of the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards film props, and even the older technologies.
For NFTs, you can gather avatars, digital pets, or any other characters that could be traded or acquired. The rarer they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT came to be. Today, you can also create digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
You can also collect digital trading cards like those of Sorare as well as BCCG.
Digital items related to sports can also be collected such as animated logos of teams.
VR environments and components are now available for purchase. You can purchase these metaverses or other things like game elements and the VR environment virtual objects, characters, and even virtual land. A popular example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is easy. All you need to do is list your products on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid 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 fee for gas.
At present, you can select among five selling options. The choices are:
The seller is the one to pay the cost that is the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller decides on a price which will fall over time. Sellers generally set expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and lists the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest 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 on the marketplace.
If you are looking to sell multiple NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any charges?
It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you have to know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
In addition, trading on Etheruem can be costly. Your NFT collection will only be minted as a valid, non-fungible token after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs charge extra commissions. For instance, game designers receive 15 percent or more commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot 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. Also, you are not able to use PayPal, credit, or debit cards to pay or deposit. Nft Hydroponics How To
The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the benefits and disadvantages that come with using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if you do not have prior experience or know-how in blockchain technology or programming. Nft Hydroponics How To
They also offer several types of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low charges are also a good way for you to make more money.
Although it is open source and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also growing over the years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Hydroponics How To
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it with your mobile phone, the browsers should 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 that you can reach via their contact form. Just go to their website, and look for “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.
What are the costs for gas?
Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, which means they fluctuate every now and then.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via the contact page. Just go to the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, so they change at regular intervals.