OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from a good marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite lengthy. If you’d prefer to take a look at a video instead, check out this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you jump in with NFT trading.
If you like reading, we’ll go through what it is prior to we go over the costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Lettuce Indoors
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Because they’re an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk losing their NFT ownership.
This means that unless the transaction is complete, 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-enabled wallet.
If you’re a buyer, you can utilize their website 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 you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a review of each.
Music is among the most well-known NFTs all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards movie props, or even old technology.
As for NFTs, you can collect avatars and digital pet and other characters that can be traded or taken home. The rarer they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT, even before NFT was invented. In the present, you can also do the same with digital art. It’s not limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.
There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.
Digital items related to sports are also available, like animated team logos.
VR environments and components can now also be bought. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters, or even virtual worlds. A well-known example is Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is to list them on the marketplace. You only have to ensure that your account is linked. Once you’ve added the price and auction type, you’re good to go.
For first-time sellers you will be subject to a single-use gas charge.
You can currently select from 5 selling options. These are:
The seller is the one to pay the price of the NFT. Just as the name suggests the price never changes.
In an auction like the Dutch Auction, the seller determines a price that will fall over the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they agree on a price.
The seller is required to put up an NFT to sell and list the minimum price. This is in contrast to that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold through the marketplace.
If you are looking to sell multiple NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost competitive.
However, you must understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.
In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The costs for the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers are paid 15 percent or more as commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is 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 make a deposit. Nft Lettuce Indoors
The NFTs can only be purchased 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 advantages and disadvantages of using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in blockchain or coding. Nft Lettuce Indoors
They also provide a variety of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to make more money.
Although it is decentralized and offers one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems 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 Lettuce Indoors
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via its contact forms. Go to their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, so 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 users can use. When you’re using the browser through 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 topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support team that you can reach through the contact page. Just go to their official website and search on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, therefore they change at regular intervals.