OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest with NFTs, then starting 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 go on, we’d like to warn you. This review is an extensive read. If you’d rather watch a video instead, you can check out this channel’s review. They will guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.
If you prefer reading, we’ll look over what it is before we examine its costs and what it can offer.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Vertical Nft Hydroponic Systems
OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.
The NFTs available are not restricted to art, music game items, domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept not as old as cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea function?
If you’ve 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 this platform belong to the users, not by the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.
If the transaction is completed the digital assets will never leave your account. In addition, you don’t have to create your account. All you need is to have a web3-enabled wallet.
If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. They also offer filters to aid in your search.
What types of NFTs can you purchase from OpenSea?
There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.
Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even older technology.
For NFTs, you can gather avatars, digital pets, or any other characters that could be sold or collected. The rarer they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most well-known NFT, even before NFT came to be. As of today you can do the same with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.
It is also possible to collect digital trading cards such as those from Sorare or BCCG.
Digital items related to sports can also be collected, such as animated logos of teams.
VR spaces and elements can be purchased. You can purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects or even virtual worlds. A popular example can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that have 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 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 easy. All you need to do is to list them in the marketplace. All you need to do is to make sure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.
If you are a first-time seller you will be subject to a one-time gas fee.
At present, you can select from five options for selling. These are:
The seller is the one to charge the cost for the NFT. Like the name suggests it is not subject to change.
For the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they agree on a price.
The seller puts 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 decreases over time. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.
OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. They can be sold on the marketplace.
If you want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.
Are there any additional fees?
It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money through a portion of the artworks sold.
With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent fee competitive.
However, you have 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 from the standard 2.5%.
Additionally, transacting to Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn additional commissions. For example, game developers receive up to 15% as commissions for the items they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or transfer funds. Vertical Nft Hydroponic Systems
The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 disadvantages of using OpenSea.
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. Vertical Nft Hydroponic Systems
They also provide a variety of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great method to earn more income.
While it is decentralized and offers one of the largest NFT collections, it still 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.
You will also need to create your crypto wallet to either sell or buy from the platform.
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Vertical Nft Hydroponic Systems
What are the requirements I must meet before I can utilize OpenSea?
OpenSea has a mobile and desktop browser users can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to begin.
Does OpenSea has a support team?
Yes they do have a support team that you can reach via the contact page. Go to their official website and search at “Submit a request.”
Are you able to earn money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should check out their tutorials.
What are gas fees?
Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, which means they constantly change every now and then.
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team that you can reach via the contact page. Visit their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add an item in your inventory. Once 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 gas fees?
The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, therefore they constantly change at regular intervals.