OpenSea has grown to become one of the most popular markets for NFTs. It’s also the first to launch a platform like this in the past. It has seen rapid growth, as 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 using NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea has been for a long time the most popular NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.
If you prefer the written word, go over what it is before we examine its costs and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nutrient Density Nft Greens
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 only limited to art, music, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Since they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is successful the digital assets will never leave your account. Moreover, you aren’t required to create your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to make your search easier.
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can buy from OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beatsand vocals, or whatever an artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.
As for NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or taken home. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT prior to when NFT became a reality. As of today it is possible to make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards, such as those of Sorare as well as BCCG.
Digital items related to sports can also be collected, like animated team logos.
VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters, or even virtual lands. A popular illustration can be Axie Infinity.
As far-fetched as it sounds there are also NFTs with specific capabilities. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and auction type then you’re all set.
For the first time sellers who are first-time sellers, you will be subject to a single-use gas charge.
At present, you can select among five selling options. They are:
The seller is the one to pay the cost that is the NFT. As the name implies it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they reach an agreement on the price.
The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee reasonable.
However, you have to be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate that it will be in the range of $100 for each NFT.
You also need to know that some NFTs have additional commissions. For instance, game designers receive 15 percent or more commissions on the products 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 crypto wallet, where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or make a deposit. Nutrient Density Nft Greens
The NFTs can only be purchased or sold when your cryptocurrency is supported 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 look at the benefits and disadvantages when using OpenSea.
OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nutrient Density Nft Greens
They also offer a range of digital currency, making them one of the largest NFT marketplaces. Low platform fees are also an excellent method to make more money.
While it is decentralized and has one of the most diverse NFT selections, it still has its 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 on the platform.
Similar to cryptocurrency NFTs have also been growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Nutrient Density Nft Greens
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes, they have a support team you can reach via their contact form. 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 have be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined by the market, therefore they fluctuate from time to time.
What do I need so I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled with money to get started.
Does OpenSea have a support team?
Yes they have a customer support staff that you can reach via its contact forms. Visit the official site and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, which means they change every now and then.