OpenSea is now one of the top platforms for NFTs. It was the first to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an established marketplace will give you the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you prefer to take a look at a video instead, take a look at the channel’s review. They’ll walk you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.
For those who prefer to read, let’s look over the basics before we examine its costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft, Hydroponics
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them 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 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets listed in the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is completed the digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
For those who are buyers, you can utilize their website to find NFTs you’d prefer to purchase. They also offer filters to aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer review of each.
Music
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even the older technologies.
As for NFTs, it is possible to collect avatars and digital pet, and other characters that can be traded or taken home. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most sought-after NFT prior to when NFT became a reality. Today it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.
Trading Cards
It is also possible to collect digital trading cards, such as those of Sorare and BCCG.
Sports
Sports-related digital items can also be collected, such as animated logos of teams.
Virtual Worlds
VR spaces and elements are now available for purchase. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters or even virtual lands. One popular illustration could be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is simple. All you need to do is to list them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and auction type and you’re ready to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
Currently, you can choose from five options for selling. They are:
Fixed Price
The seller is the one to pay the price of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
For an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT is sold after they agree on a price.
English Auction
The seller is required to put up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs via the platform. Then you can sell them in the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use 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 through a portion of the paintings that are sold.
With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% fee competitive.
But, it is important to know that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percentage.
In addition, trading on Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers are paid 15 percent or more 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 own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment or deposit. Nft, Hydroponics
The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they are able to 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 examine the benefits and disadvantages of using OpenSea.
Pros
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about coding or blockchain. Nft, Hydroponics
They also provide a variety of digital asset, which makes them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.
Cons
Although it is decentralized and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Bottom Line
Like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft, Hydroponics
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via their contact form. Go to the official site and look 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 an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, therefore they constantly change from time to time.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer 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 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. When you’re ready to sell them, put them up for sale. It’s simple and free of gas, but you can also go through their tutorials.
What are gas fees?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they fluctuate from time to time.
