OpenSea has become one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and celebrities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting from a good marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is a long read. If you’d rather watch videos instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.
If you like the written word, look through what it is prior to we go over the costs and what it can offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Plants For Nft Aquaponics
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The NFTs that are available aren’t restricted to art, music games, or game products, as well as domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about them is that they allow users to post NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
That means unless the transaction is completed, your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you have to do is possess a wallet that is compatible with web3.
In the event that you’re buying, you can use their search engine to find NFTs you’d like to purchase. They also offer filters to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.
Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.
Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or older technology.
As for NFTs, you can gather avatars and digital pet, and other characters that can be sold or taken home. The rarer they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT prior to when NFT was invented. As of today, you can also do the same with digital artworks. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.
It is also possible to collect digital trading cards like those of Sorare as well as BCCG.
The digital objects associated with sports are also available, like animated team logos.
VR spaces and elements can be purchased. You can buy these metaverses, or other items such as game items and the VR environment characters, virtual objects or even virtual lands. A well-known example could be Axie Infinity.
As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is to list them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.
For first-time sellers you will be subject to a one-time gas fee.
At present, you can select from 5 selling options. The choices are:
The seller is the one to pay the price of the NFT. Just as the name suggests, it never changes.
For an auction like the Dutch Auction, the seller determines a price that will fall over time. Sellers typically set up very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is different from the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
You can also create your own NFTs using the platform. They can be sold on the marketplace.
If you want to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
Are there any additional fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.
With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have to understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart of the required 2.5 percent.
In addition, trading on Etheruem can be costly. The NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.
Also, you should know that some NFTs have additional commissions. For instance, game developers are paid 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’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal credit, debit, or debit cards to pay for or make a deposit. Plants For Nft Aquaponics
The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 has no centralization, which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Plants For Nft Aquaponics
They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.
Although it’s decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem allows users to transact 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 reasonableconsidering that some marketplaces may charge as much as 5 %.
Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.
FAQ Plants For Nft Aquaponics
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, 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 start.
Does OpenSea have a support staff?
Yes they do have a support team that you can contact through its contact forms. Go to 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 need make is to create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method, but you can also look over their instructional videos.
What are the gas prices?
Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined by the market, therefore they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to begin.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through the contact page. Just go to 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 add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are gas fees?
These are transactions charges 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. The prices are driven through the marketplace, therefore they change from time to time.