OpenSea is now one of the leading markets for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and celebrities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re planning to invest through NFTs beginning with an appropriate marketplace can provide the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it suitable for you?
Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.
If you like to read, let’s look through what it is prior to we look into its fees and what it can offer.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Plants To Grow Together In Nft Hydroponic Garden
OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.
The available NFTs are not limited to music, art games, or game products, as well as domain names.
It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without putting at risk the security of their NFT ownership.
If the transaction is completed, your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you have to do is possess a wallet that is compatible with web3.
If you’re a buyer you can utilize their website to look for NFTs you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s have a review of each.
Music could be among the most popular NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or old technology.
In the case of NFTs, it is possible to collect avatars, digital pets or any other characters that could be traded or collected. The rarer they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT became a reality. In the present you can make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even small video clip clips.
You can also collect digital trading cards, such as those from Sorare or BCCG.
Digital items related to sports can also be collected, such as animated team logos.
VR spaces and elements can now also be bought. You can purchase these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual lands. One popular example is 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. Names that are based on blockchain can be purchased that aren’t subject to shut down from 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 your products on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and auction type, you’re good to go.
If you are a first-time seller, you will be subjected to a single-use gas charge.
Currently, you can choose from 5 selling options. They are:
The seller will be the one to charge the cost for the NFT. As the name implies it is not subject to change.
In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.
The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs via the platform. They can be sold through the marketplace.
If you want to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any fees?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary 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 by getting a share of the paintings sold.
With OpenSea you only have to pay 2.5 percent when you buy an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% cost reasonable.
But, it is important to know that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Certain artists may also receive an additional sales commission apart of the required 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will only be created as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For instance, game developers receive as much as 15% commissions for items they’ve sold.
What are the payment methods?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or make a deposit. Plants To Grow Together In Nft Hydroponic Garden
The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 advantages and drawbacks when using OpenSea.
OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Plants To Grow Together In Nft Hydroponic Garden
They also offer a range of digital asset, making it one of the largest NFT marketplaces. The low platform charges are also a good method to make more money.
Although it’s open source and has one of the largest NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
You will also need to set up your own crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ Plants To Grow Together In Nft Hydroponic Garden
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it through your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support team?
Yes they do have a support team that can be reached via its contact forms. Go to their website, and search at “Submit a request.”
Are you able to earn 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 the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
These are transactions fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, so they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can use. In the event that you’re using it on your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team you can reach via its contact forms. Go to the official site and look for “Submit a request.”
Are you able to make money at OpenSea?
You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.
What are the gas prices?
The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, so they constantly change every now and then.