OpenSea has grown to become one of the most popular markets for NFTs. It was the first to release such a platform in the past. 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 becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs, then starting from a good marketplace can give you the leverage you require. That’s why we made this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather take a look at videos instead, you can check out the channel’s review. They will guide you through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
For those who prefer the written word, look through what it is prior to 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft In Horticulture
OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on this platform belong to the users, not the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without having to risk the security of their NFT ownership.
If the transaction is successful the digital assets will never be removed from your wallet. Furthermore, you’re not required 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 browser to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music could be among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even older technology.
For NFTs, you can collect avatars, digital pets, and other characters that can be sold 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. As of today you can create digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.
You can also collect digital trading cards like those of Sorare or BCCG.
Sports-related digital items can also be collected, such as animated logos of teams.
VR environments and components are now available for purchase. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters, and even virtual land. One popular illustration is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
You can currently select among five selling options. These are:
The seller will be the one to charge the cost that is the NFT. Like the name suggests the price never changes.
In an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers generally set expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when 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 will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you’re looking to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. Similar to how regular galleries earn money by getting a share of the artworks sold.
With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent cost competitive.
However, you must understand that some 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 imposed 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will depend on the market, but you can expect it to be in the range of $100 for each NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers are paid 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currency 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. This means that you can’t use PayPal, credit, or debit cards for payment or transfer funds. Nft In Horticulture
The NFTs can be purchased or traded if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft In Horticulture
They also offer several types of digital asset, making them one of the most popular NFT marketplaces. The low platform fees are also an excellent method to make more money.
Although it’s decentralized and has one of the most diverse NFT collection, the service 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 create your crypto wallet to sell or purchase 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 broad range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percent fee on sales is acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Nft In Horticulture
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via its contact forms. Just go to their website, and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, so they change from time to time.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to begin.
Does OpenSea have a support staff?
Yes, they have a support team that you can reach via its contact forms. Visit the official site and look on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, therefore they fluctuate every now and then.