OpenSea has become one of the leading platforms for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing using NFTs, then starting from an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it right for you?
Before you go on, we’d like to warn you. This review is quite lengthy. If you’d prefer to take a look at videos instead, check out this channel’s review. They will guide users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.
If you like the written word, go over the basics before we go over the costs and the benefits it offers.
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 the article for a more comprehensive review of OpenSea.
What is OpenSea? Preparing Plants For Nft
OpenSea provides a platform for non-fungible currency, 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 limited to music, art game items, domain names.
It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading quite similar.
For OpenSea, all of the assets on the platform are owned by users, not by the platform. Because they’re an open marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.
If you’re a buyer you can use their search engine to find NFTs you’d like to buy. They also offer filters to simplify your search.
What types of NFTs can you purchase from OpenSea?
There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.
Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, and even old technology.
In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be sold or collected. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT, even before NFT came to be. In the present, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.
Digital items related to sports can also be collected, for example, animated logos of teams.
VR spaces and elements can now also be bought. You can buy these metaverses, or other items like game elements, the VR environment, virtual objects, characters, or even virtual lands. One popular illustration can be Axie Infinity.
As far-fetched as it sounds there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you have to do is list your products on the marketplace. All you need to do is to make sure your wallet is connected. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
The seller is the one to pay the cost that is the NFT. Just as the name suggests the price never changes.
For an auction like the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers generally set high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT can be sold once they reach an agreement on the price.
The seller is required to put up an NFT for sale and lists the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.
You can also create your own NFTs using the platform. You can then sell them on the marketplace.
If you want to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. Similar to how regular galleries make money through a portion of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional sales commission apart of the required 2.5 percent.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid non-fungible token after your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs have extra commissions. For example, game developers receive as much as 15% commissions on the products they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as 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. That also means you cannot make use of PayPal credit, debit, or debit cards to pay for or deposit. Preparing Plants For Nft
The NFTs can only be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and disadvantages of using OpenSea.
OpenSea has no centralization, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs, even if you do not have prior experience or know-how in coding or blockchain. Preparing Plants For Nft
They also offer a range of digital asset, making them one of the largest NFT marketplaces. Low platform charges are also a good method to earn more income.
Although it’s decentralized and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to establish a cryptocurrency wallet in order to sell or buy from the platform.
Just like cryptocurrencies NFTs are also increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as five percent.
In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ Preparing Plants For Nft
What do I need to know so I can make use of OpenSea?
OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through its contact forms. Just go to the official site and look at “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.
What are the costs for gas?
Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate every now and then.
What are the requirements I must meet before I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support team that you can contact through the contact page. Visit their website, and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they change every now and then.