OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you start this journey, we’d like to caution you. This review is lengthy. If you’d rather watch videos instead, take a look at the channel’s review. They’ll walk you through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll go through what it is prior to we go over the costs and what it can offer.
Before you go on, 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 of OpenSea.
What is OpenSea? Nft Vs Dft Hydroponics
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is 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. One of the best things about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve previously been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.
For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Since they are an open marketplace, they have smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your account. Furthermore, you’re not required 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. There are filters that can simplify your search.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.
Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, film props, or old technology.
In the case of NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or taken home. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT became a reality. Today you can create digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards like those of Sorare and BCCG.
The digital objects associated with sports are also available, such as animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things like game objects and the VR environment virtual objects, characters or even virtual worlds. A popular example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. 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 them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time gas fee.
At present, you can select among five selling options. They are:
The seller will be the one who will be charged the price of the NFT. Like the name suggests the price never changes.
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a price.
The seller puts up an NFT to sell and list the minimum price. This is in contrast to 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 is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
If you are looking to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings that are sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate 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 get up to 15% commissions on the products they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay or transfer funds. Nft Vs Dft Hydroponics
The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about blockchain or coding. Nft Vs Dft Hydroponics
They also offer several types of digital assets, which makes them one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.
Although it is decentralized and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ Nft Vs Dft Hydroponics
What do I need to know so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes they do have a support team you can contact through its contact forms. Just go to the official site and search 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 need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined in accordance with the current market conditions, so they change every now and then.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea have a support team?
Yes, they have a support team that you can contact through their contact form. Go to their website, and search at “Submit a request.”
Are you able to make money at OpenSea?
You can also 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 the items, post them for auction. It’s simple and free of gas, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, therefore they change every now and then.