OpenSea has become one of the leading marketplaces for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.
It’s becoming more popular because celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from an established marketplace will give you the leverage you require. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is lengthy. If you’d rather take a look at videos instead, check out the review of this channel. They’ll guide the user through OpenSea and its features so you’re fully aware before you begin NFT trading.
If you like the written word, look over what it is before we examine its 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. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Small Nft Tabletop Hydroponic System Home Use
OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.
The NFTs available are not only limited to art, music, game items, and domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve previously been selling or buying with cryptocurrency You’ll see NFT trading quite similar.
For OpenSea, all of the assets listed in this platform belong to the users, not by the platform. Since they’re an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.
That means unless the transaction is completed, your digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you need is to have a web3-enabled wallet.
In the event that you’re buying, you can use their browser to find NFTs you’d like to purchase. They also have filters available to aid in your search.
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which they usually belong. Let’s take a closer look at each.
Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or the older technologies.
As for NFTs, you can collect avatars and digital pet or any other characters that could be traded or taken home. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been one of the most well-known NFT since before NFT was invented. As of today you can create digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.
You can also collect digital trading cards, such as the ones from Sorare or BCCG.
Sports-related digital items can also be collected, like animated logos of teams.
VR space and other elements can be purchased. You can purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters and even virtual land. A well-known instance is Axie Infinity.
As bizarre as it may sound, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
What are the selling options?
Selling your products on OpenSea is simple. All you have to do is post your products on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.
If you are a first-time seller you will be subject to a one-time gas fee.
Currently, you can choose among five selling options. The choices are:
The seller is the one to charge the price for the NFT. As the name implies, it never changes.
For the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers generally set 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 submit an offer. The NFT can be sold when they have agreed on a price.
The seller will put up an NFT to sell and list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold in the marketplace.
If you’re looking to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.
Are there any charges?
It is common for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
Furthermore, transactions to Etheruem is costly. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid is 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 extra commissions. For example, game developers are paid up to 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment or make a deposit. Small Nft Tabletop Hydroponic System Home Use
The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s take a look at the advantages and drawbacks that come with using OpenSea.
OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about blockchain or coding. Small Nft Tabletop Hydroponic System Home Use
They also offer several types of digital asset, which makes their platform one of the biggest NFT marketplaces. Low platform costs are also a great way for you to make more money.
While it is decentralized and has one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or purchase on the platform.
Just like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.
Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.
FAQ Small Nft Tabletop Hydroponic System Home Use
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled up to begin.
Does OpenSea has a support team?
Yes they do have a support team that can be reached via the contact page. Visit the official site and look on the page for “Submit a request.”
Are you able 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. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, which means they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes, they have a support team that you can contact through the contact page. Just go to their website, and look on the page for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also check out their tutorials.
What are the gas prices?
Gas fees are transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, so they change every now and then.