OpenSea is now one of the leading markets for NFTs. It’s also the first one to launch a platform like this throughout 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 other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an appropriate marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has always been the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d rather watch a video instead, take a look at the review of this channel. They’ll walk users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
If you like the written word, look over what it is before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Watering Schedule
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not restricted to art, music, game items, and domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.
For OpenSea The majority of the assets on the platform are owned by the users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
That means unless the transaction is complete, your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can make your search easier.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s examine each.
Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, or old technology.
In the case of NFTs, you can collect avatars and digital pet, and other characters that can be traded or collected. The rarer they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.
Art has always been one of the most sought-after NFT prior to when NFT was invented. In the present, you can also make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even small video clip clips.
There is also the possibility of collecting digital trading cards such as the ones from Sorare and BCCG.
Sports-related digital items can also be collected like animated team logos.
VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known example is Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
If you are a first-time seller, you will be subjected to a one-time gas fee.
You can currently select from 5 selling options. These are:
The seller will be the one to charge the price for the NFT. As the name implies it is not subject to change.
In the Dutch Auction, the seller determines a price that will decrease in the course of. Sellers typically set up very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold once they agree on a price.
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from the Dutch Auction, where the price decreases over time. In the English Auction, buyers will bid until the seller sells it at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. They can be sold in the marketplace.
If you’re looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the paintings sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost reasonable.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.
In addition, trading on Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will be based on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge additional commissions. For example, game developers receive as much as 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create 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 for or transfer funds. Nft Watering Schedule
The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they can 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 is decentralized, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. Nft Watering Schedule
They also offer a range of digital assets, which makes it one of the largest NFT marketplaces. The low platform costs are also a great method to make more money.
Although it is decentralized and offers one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.
You will also need to establish a crypto wallet to either sell or purchase on the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.
In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.
FAQ Nft Watering Schedule
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it through your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through its contact forms. Go to their website, and search at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the gas prices?
These are transactions charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they fluctuate every now and then.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via its contact forms. Visit the official site and search on the page for “Submit a request.”
Are you able to mint at OpenSea?
You can also mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also go through their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, which means they constantly change from time to time.