OpenSea is now one of the leading markets for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs, then starting from an appropriate marketplace can give you the leverage you require. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to watch a video instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.
If you prefer to read, let’s go over what it is before we examine its costs and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Lettuce Production
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest 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 function?
If you’ve been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea All of the assets listed in this platform belong to users, not the platform. Because they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without having to risk losing their NFT ownership.
If the transaction is successful your digital assets will never be removed from your account. In addition, you don’t have to make your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can use their search engine to find NFTs you’d like to buy. There are filters that can make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they typically fall into. Let’s review of each.
Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or older technology.
In the case of NFTs, you can gather avatars and digital pet and other characters that can be sold or collected. The rarer they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT prior to when NFT became a reality. As of today it is possible to do the same with digital art. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards, such as the ones from Sorare or BCCG.
Digital items related to sports can also be collected for example, animated logos of teams.
VR environments and components can now also be bought. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. One popular illustration is Axie Infinity.
As absurd as it may sound there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.
Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is to list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and auction type then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
At present, you can select from 5 selling options. These are:
The seller is the one to charge the cost for the NFT. Like the name suggests the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they have agreed on a price.
The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
If you are looking to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.
Are there any additional fees?
It is common for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% cost affordable.
However, you have to know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percent.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will depend on the market, but you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers are paid as much as 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create 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 or debit cards for payment or make a deposit. Nft Lettuce Production
The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains 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 which makes transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Lettuce Production
They also offer several types of digital currency, making their platform one of the largest NFT marketplaces. The platform’s low charges are also a good method to make more money.
While it is decentralized and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to establish a crypto wallet to sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Lettuce Production
What do I need to know so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must 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 their contact form. Visit their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they do have a support staff that you can reach through the contact page. Go to the official site and look for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. 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 the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, therefore they fluctuate every now and then.