OpenSea has become one of the top platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed an interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you begin this journey, we’d like to caution you. This review is a long read. If you’d rather take a look at videos instead, check out this channel’s review. They’ll guide users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like to read, let’s go over what it is before we examine its costs and what it has to offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Hydroponics Supplies And Kits
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t limited to music, art, game items, and domain names.
It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.
For OpenSea All of the assets listed in the platform are owned by the users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk the security of their NFT ownership.
That means unless the transaction is successful, your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their search engine to search for NFTs that you’d like to buy. 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 you can buy from OpenSea. There are eight categories to which they usually belong. Let’s examine each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even older technology.
In the case of NFTs, it is possible to collect avatars, virtual pets and other characters that can be sold or taken home. The rarer they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT came to be. As of today, you can also make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.
You can also collect digital trading cards, such as those of Sorare and BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR space and other elements are now available for purchase. You can purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters, and even virtual land. A popular instance can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be 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 selling options?
Selling on OpenSea is simple. All you have to do is to list your products on the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and auction type then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. These are:
The seller will be the one to charge the cost of the NFT. Just as the name suggests it is not subject to change.
In the Dutch Auction, the seller determines a price that will fall in time. Sellers usually set very expensive prices. With time, the value decreases until it’s 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 reach an agreement on the price.
The seller puts up an NFT for sale and will list the minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells it to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them through the marketplace.
If you are looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the price 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 only be charged 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost reasonable.
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 commission on sales, apart from the imposed 2.5%.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be issued as a valid, non-fungible token once your NFT bid has been 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 additional commissions. For example, game developers get as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, and debit card to make payments or transfer funds. Nft Hydroponics Supplies And Kits
The NFTs can be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks of using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no any experience or expertise in blockchain technology or programming. Nft Hydroponics Supplies And Kits
They also provide a variety of digital assets, which makes it one of the biggest NFT marketplaces. The low platform charges are also a good opportunity to earn more income.
Although it is decentralized and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters 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 make transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Hydroponics Supplies And Kits
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via the contact page. Just go to their website, and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, which means they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through their contact form. Go to their official website and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change every now and then.