OpenSea is now one of the leading markets for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start 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 suitable for you?
Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to take a look at a video instead, take a look at the channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.
If you like the written word, go over what it is before we look into its fees 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Plant Basket
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The available NFTs are not limited to music, art game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.
How does OpenSea function?
If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets that are listed on the platform are owned by the users, not by the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you need is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at 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, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, there were people invested in collectibles like baseball cards, film props, and even old technology.
As for NFTs, you can gather avatars and digital pet, or 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 popular NFT prior to when NFT came to be. As of today you can create digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
The digital objects associated with sports can also be collected, such as animated logos of teams.
VR environments and components are now available for purchase. It is possible to purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known instance could be Axie Infinity.
As absurd 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 can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is easy. All you need to do is post them on the marketplace. You only have to make sure your account is linked. Once you’ve added the price and type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a single-use gas charge.
At present, you can select from 5 selling options. They are:
The seller will be the one who will be charged the price that is the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will decrease in time. Sellers generally set high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree 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 the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. You can then sell them through the marketplace.
If you are looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally 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 have to pay 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee reasonable.
However, you must know that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will vary based 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 have extra commissions. For instance, game developers are paid up to 15% commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional 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 use PayPal credit, debit, or debit cards for payment or transfer funds. Nft Plant Basket
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains 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 benefits and disadvantages of using OpenSea.
OpenSea is decentralized, making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft Plant Basket
They also offer several types of digital currency, making their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good method to make more money.
Although it’s decentralized and offers one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much 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 Plant Basket
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team you can reach via the contact page. Go to their official website and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, so they change at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to begin.
Does OpenSea has a support team?
Yes they have a customer support team you can contact through the contact page. Go to their website, and look for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.
What are the gas prices?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, therefore they fluctuate every now and then.