OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs and want to start from an established marketplace will help you get 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 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 the channel’s review. They’ll guide you through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.
If you prefer reading, we’ll look over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Organic Nft Hydroponic Lettuce
OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets on this platform belong to users, not by the platform. Since they’re an open marketplace, they use intelligent contracts so that users can communicate with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is complete your digital assets will never leave your account. In addition, you don’t have to open an account. All you have to do is 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 buy. There are filters that can aid in your search.
What kinds of NFTs are available from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.
Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, or the older technologies.
As for NFTs, you can gather avatars, virtual pets or other characters that can be sold or taken home. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT since before NFT was invented. As of today it is possible to do the same with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.
The digital objects associated with sports can also be collected such as animated team logos.
VR space and other elements are now available for purchase. You can purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual lands. A well-known instance is Axie Infinity.
As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Websites can be classified as NFT. Names that are based on blockchain can be purchased 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 easy. All you have to do is list them on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. The choices are:
The seller is the one to pay the price of the NFT. Like the name suggests, it never changes.
In the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers usually set very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.
Are there any charges?
It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent cost affordable.
However, you have to be aware that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers receive 15 percent or more as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional 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. Also, you are not able to use PayPal, credit, and debit card to make payments or make a deposit. Organic Nft Hydroponic Lettuce
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that 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 of using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in blockchain technology or programming. Organic Nft Hydroponic Lettuce
They also provide a variety of digital currency, which makes them one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
While it is open source and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.
Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Organic Nft Hydroponic Lettuce
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to get started.
Does OpenSea have a support staff?
Yes they have a customer support team that you can contact through their contact form. Just go to the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, therefore they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to get started.
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 at “Submit a request.”
Are you able to mint at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also go through their tutorials.
What are the costs for gas?
Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, so they constantly change from time to time.