OpenSea has become one of the leading markets for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known 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, then starting from an established marketplace will give you the leverage you require. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at a video instead, take a look at this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
For those who prefer to read, let’s go over what it is before we examine its costs 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 will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Hydroponics Rain Gutters
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell, and trade NFTs 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 in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.
For OpenSea, all of the assets on the marketplace are held by the users, not the platform. Since they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.
If the transaction is complete your digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you require is to have a web3 supported wallet.
If you’re a buyer you can use their search engine to find NFTs you’d like to purchase. There are filters that can make your search easier.
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.
Music could be among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs were popular, a few people invested in collectibles such as baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars, virtual pets, or other characters that can be sold or collected. The rarer they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT prior to when NFT was invented. Today it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.
You can also collect digital trading cards such as those from Sorare or BCCG.
The digital objects associated with sports can also be collected, like animated team logos.
VR space and other elements can now also be bought. You can buy these metaverses and other things like game elements as well as the VR environment characters, virtual objects or even virtual worlds. One popular instance can be Axie Infinity.
As absurd as it may sound there are also NFTs that are specifically designed to perform certain features. Examples come from Emblem Finance and Urbit ID.
Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is list your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.
Currently, you can choose among five selling options. The choices are:
The seller will be the one who will be charged the cost of the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller decides on a price which will fall over time. Sellers typically set up very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5% fee competitive.
But, it is important to be aware that certain NFTs have higher transaction charges as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5%.
In addition, trading on Etheruem could be expensive. Your NFT collection will only be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that some NFTs have additional commissions. For example, game developers get 15 percent or more as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit and debit card to make payments for or make a deposit. Nft Hydroponics Rain Gutters
The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the benefits and disadvantages that come with using OpenSea.
OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if there is no experience or knowledge about blockchain or coding. Nft Hydroponics Rain Gutters
They also offer several types of digital asset, which makes it one of the biggest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it’s open source and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as five percent.
In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Hydroponics Rain Gutters
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled up to start.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach via its contact forms. Visit their official website and look for “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 add the item to your collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they change at regular intervals.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to get started.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through their contact form. Just go to their official website and look for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling the items, post them for sale. It’s easy and gas-free but you could also go through their tutorials.
What are the costs for gas?
The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, which means they fluctuate at regular intervals.