OpenSea has grown to become one of the top platforms for NFTs. It’s also the first to launch a platform like this throughout the years. 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 interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs and want to start from a good marketplace can help you get the leverage you need. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is lengthy. If you’d rather watch videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
For those who prefer to read, let’s look over the basics before we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Starting Ec Marijuana
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began 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 biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea The majority of the assets on the marketplace are held by users, not the platform. Since they’re an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.
That means unless the transaction is complete your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.
In the event that you’re buying you can use their browser to look for NFTs you’d like to buy. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.
Music may be one of the most popular NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, or older technology.
For NFTs, you can gather avatars, virtual pets, or other characters that can be traded or acquired. The rarer they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT, even before NFT was invented. Today, you can also create digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.
You can also collect digital trading cards like the ones from Sorare or BCCG.
Sports-related digital items can also be collected like animated team logos.
VR spaces and elements are now available for purchase. You can buy these metaverses and other things such as game items and the VR environment characters, virtual objects or even virtual worlds. A well-known illustration could be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific functions. Examples are 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 anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. The choices are:
The seller is the one to pay the cost for the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. In addition, buyers 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 to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them in the marketplace.
If you want to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It is common for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries make money by getting a share of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% cost affordable.
However, you must be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive 15 percent or more as commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, or debit cards for payment or make a deposit. Nft Starting Ec Marijuana
The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea can be decentralized which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft Starting Ec Marijuana
They also offer a range of digital currency, which makes their platform one of the largest NFT marketplaces. Low platform charges are also a good way for you to make more money.
While it is decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase from the platform.
Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores could charge as high as five percent.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Nft Starting Ec Marijuana
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can contact through their contact form. Go to their official website and look on the page for “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling 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 from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.
What do I need to know so I can make use of 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 be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be filled with money to get started.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through the contact page. Go to the official site and search for “Submit a request.”
Are you able to earn money at OpenSea?
You can make a mint using OpenSea. All you need 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 sale. It’s simple and free of gas to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, therefore they constantly change at regular intervals.