OpenSea has grown to become one of the top markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with 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 most popular NFT marketplace. But is it the right choice for you?
Before you start our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.
For those who prefer reading, we’ll look over what it is before we go over the costs and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Lettuce Varietals
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music games, or game products, as well as 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 one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea, all of the assets on this platform belong to users, not the platform. Since they’re an open marketplace, they have smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.
If the transaction is complete the digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you need is to have a web3 supported wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.
Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Before NFTs became popular, some individuals were interested in collecting items like baseball cards, movie props, or even old technology.
For NFTs, you can collect avatars, digital pets and other characters that can be traded or collected. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT came to be. Today, you can also create digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as small video clip clips.
You can also collect digital trading cards such as the ones from Sorare or BCCG.
Sports-related digital items are also available, for example, animated team logos.
VR environments and components can be purchased. You can purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters and even virtual land. One popular illustration can be Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples include 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 your products on OpenSea is simple. All you need to do is list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and auction type, you’re good to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select among five selling options. The choices are:
The seller will be the one to charge the cost for the NFT. As the name implies the price never changes.
In the Dutch Auction, the seller determines a price that will decrease in time. Sellers typically set up very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold in the marketplace.
If you are looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the paintings that are sold.
With OpenSea, you will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee affordable.
However, you must 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 sales commission apart from the imposed 2.5 percent.
Furthermore, transactions to Etheruem is costly. The NFT collection will only be minted as a valid, non-fungible token once 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 instance, game designers are paid up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or make a deposit. Nft Lettuce Varietals
The NFTs can be purchased or traded if your cryptocurrency is accepted 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 look at the advantages and disadvantages when using OpenSea.
OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about blockchain technology or programming. Nft Lettuce Varietals
They also offer several types of digital asset, making it one of the biggest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
Although it is decentralized and offers one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or purchase on 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 is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Lettuce Varietals
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled up to get started.
Does OpenSea has a support team?
Yes, they have a support staff that you can reach via their contact form. Just go to their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.
What are the gas prices?
Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they constantly change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can use. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through its contact forms. Go to the official site and search for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy but you could also go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, so they change from time to time.