OpenSea is now one of the top platforms for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an appropriate marketplace can help you get the leverage you require. That’s why we made this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin this journey, we’d like to caution you. This review is quite a long read. If you prefer to take a look at videos instead, check out the review of this channel. They’ll walk users through OpenSea and its functions so that you understand everything before you begin NFT trading.
If you like reading, we’ll go through what it is prior to we look into its fees 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nutrients Needed For Marijuana Nft System
OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year the year 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 first NFT marketplaces and a concept similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.
That means unless the transaction is complete your digital assets will never leave your wallet. In addition, you don’t have to make your account. All you need is to have a web3 supported wallet.
For those who are buyers you can use their browser to look for NFTs you’d like to buy. There are filters that can simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s examine each.
Music
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Collectibles
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards movie props, or even old technology.
For NFTs, it is possible to collect avatars, digital pets, or any other characters that could be sold or taken home. The more rare they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been one of the most well-known NFT, even before NFT came to be. Today, you can also create 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.
Trading Cards
There is also the possibility of collecting digital trading cards such as the ones from Sorare or BCCG.
Sports
The digital objects associated with sports can also be collected, like animated logos of teams.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things such as game items, the VR environment, characters, virtual objects or even virtual lands. A popular illustration can be Axie Infinity.
Utility
As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is simple. All you need to do is to list your products on the marketplace. You only have to ensure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For the first time sellers, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. The choices are:
Fixed Price
The seller is the one to charge the price of the NFT. Like the name suggests, it never changes.
Dutch Auction
For the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT is sold after they have agreed on a price.
English Auction
The seller will put up an NFT to sell and list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.
NFT Creation
You can also create your own NFTs through the platform. Then you can sell them through the marketplace.
Bundles
If you’re looking to sell multiple NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 percent fee competitive.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be issued as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For example, game developers receive 15 percent or more 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 own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or transfer funds. Nutrients Needed For Marijuana Nft System
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains they are able to support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s look at the advantages and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no any experience or expertise in blockchain or coding. Nutrients Needed For Marijuana Nft System
They also offer several types of digital asset, making them one of the most popular NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.
Cons
While it is decentralized and offers one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nutrients Needed For Marijuana Nft System
What are the requirements I must meet before I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes, they have a support staff that you can reach via the contact page. Visit their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they constantly change at regular intervals.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to start.
Does OpenSea has a support team?
Yes, they have a support team that you can reach through the contact page. Visit their official website and search on the page for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are the gas prices?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, therefore they fluctuate every now and then.
