OpenSea has become one of the leading platforms for NFTs. It’s also the first to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s even more popular since celebrities and famous personalities have expressed curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from a good marketplace can give you the leverage you require. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you start this journey, we’d like to caution you. This review is a long read. If you’d prefer to take a look at a video instead, take a look at the review of this channel. They’ll walk you through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer the written word, go over the basics before we look into its fees 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 overview. After, you will want to read the rest of our article for a more comprehensive review.
What is OpenSea? Quaponics Nft System
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.
The NFTs available are not limited to music, art game items, domain names.
It was founded in 2018 by 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, a concept that is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve ever been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they are an open marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.
If the transaction is completed, your digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to have a web3 supported wallet.
If you’re a buyer, you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.
Music
Music may be one of the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs became popular, there were people were investing in collectibles such as baseball cards movie props, or even the older technologies.
In the case of NFTs, you can gather avatars and digital pet, and other characters that can be traded or taken home. The more rare they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT prior to when NFT came to be. In the present, you can also make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.
Trading Cards
You can also collect digital trading cards like those from Sorare and BCCG.
Sports
The digital objects associated with sports can also be collected such as animated team logos.
Virtual Worlds
VR environments and components can now also be bought. You can purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters, and even virtual land. A well-known instance can be Axie Infinity.
Utility
As absurd as it may sound there are also NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by 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 easy. All you have to do is to list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added your price and auction type then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from 5 selling options. The choices are:
Fixed Price
The seller is the one who will be charged the cost that is the NFT. As the name implies the price never changes.
Dutch Auction
In the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers usually set very expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.
English Auction
The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.
OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. You can then sell them on the marketplace.
Bundles
If you’re looking to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee reasonable.
But, it is important to understand that some NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.
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 price for this process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.
It is also important to be aware that certain NFTs earn extra commissions. For example, game developers are paid as much as 15% commissions for 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, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit, debit, or debit cards for payment or deposit. Quaponics Nft System
The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they 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 take a look at the benefits and disadvantages that come with using OpenSea.
Pros
OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. Quaponics Nft System
They also offer a range of digital assets, making them one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.
Cons
Although it’s decentralized and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.
It is also necessary to set up your own crypto wallet to either sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces may charge as much as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Quaponics Nft System
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to begin.
Does OpenSea have a support team?
Yes they have a customer support team you can reach via its contact forms. Go to the official site and look at “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need 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 do, however you should go through their tutorials.
What are gas fees?
The gas fees refer to transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, so they change from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach through the contact page. Go to their website, and look for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas, but you can also check out their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, which means they change at regular intervals.
