OpenSea is now one of the most popular platforms for NFTs. It’s also the first one 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 interest. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an established marketplace will give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is lengthy. If you prefer to watch a video instead, take a look at the review of this channel. They will guide you through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer reading, we’ll look through what it is prior to 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. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Hydroponics Plans
OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their 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 founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as 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 post NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without putting at risk losing their NFT ownership.
If the transaction is successful your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can use their search engine to search for NFTs that you’d like to buy. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.
Music
Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs became popular, some people were investing in collectibles like baseball cards, movie props, or even the older technologies.
In the case of NFTs, you can gather avatars, virtual pets, or other characters that can be sold or acquired. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT prior to when NFT was invented. In the present you can create digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as short video clips.
Trading Cards
You can also collect digital trading cards like the ones from Sorare and BCCG.
Sports
The digital objects associated with sports are also available, for example, animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. You can buy these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual lands. One popular instance can be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling your products on OpenSea is easy. All you have to do is post your products on the marketplace. All you need to do is to ensure 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 who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. They are:
Fixed Price
The seller will be the one to charge the cost for the NFT. Like the name suggests, it never changes.
Dutch Auction
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 will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller puts up an NFT to sell and list the minimum price. This is in contrast to the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.
Bundles
If you want to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent fee competitive.
However, you have to know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The costs for 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.
Also, you should know that some NFTs have extra commissions. For example, game developers are paid up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, and debit card to make payments for or make a deposit. Nft Hydroponics Plans
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Hydroponics Plans
They also provide a variety of digital assets, making it one of the largest NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.
Cons
Although it’s open source and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. More categories can be involved when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5% charge on your sales seems reasonable, considering some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Hydroponics Plans
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea have a support team?
Yes they have a customer support team can be reached via its contact forms. Visit the official site and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via the contact page. Visit their official website and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas 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. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, so they change every now and then.
