OpenSea is now one of the leading markets for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from an appropriate marketplace can provide the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you start our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at a video instead, you can check out the review of this channel. They will guide users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you prefer the written word, go over what it is before we go over the 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Lettuce Temperature
OpenSea is a marketplace that deals in 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 game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets that are listed on this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your account. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
In the event that you’re buying you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer review of each.
Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or the older technologies.
In the case of NFTs, you can collect avatars, virtual pets and other characters that can be sold or collected. The more rare they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT was invented. As of today, you can also create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.
You can also collect digital trading cards such as the ones from Sorare and BCCG.
The digital objects associated with sports can also be collected, such as animated team logos.
VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects or even virtual lands. A popular example could be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs with specific features. Examples are from Emblem Finance and Urbit ID.
Websites can now also be considered to be 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 options for selling?
Selling on OpenSea is easy. All you have to do is post them in the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
For the first time sellers you will be subject to a single-use gas charge.
Currently, you can choose from five options for selling. They are:
The seller will be the one to pay the cost for the NFT. As the name implies it is not subject to change.
In an auction like the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers generally set high prices. As time passes, the price decreases until it’s 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 have agreed on a price.
The seller puts up an NFT for sale and lists a minimum price. This is different from the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings sold.
With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee reasonable.
However, you must know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will be created as a valid non-fungible token once your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be in the range of $100 for each 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 does not accept traditional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment or deposit. Nft Lettuce Temperature
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they are able to 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 when using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. Nft Lettuce Temperature
They also offer a range of digital currency, which makes them one of the most popular NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Although it’s decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Lettuce Temperature
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers 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 an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that can be reached via the contact page. Just go to their official website and look for “Submit a request.”
Are you able to make money at OpenSea?
You can mint at OpenSea. All you need 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. This is gas-free and easy to do, however you should go through their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, which means they constantly change every now and then.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea have a support staff?
Yes they do have a support staff that you can reach via their contact form. Just go to the official site and search at “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they fluctuate from time to time.