OpenSea is now one of the top platforms for NFTs. It’s also the first to release such a platform in the past. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s also more well-known since celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing with NFTs beginning with a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you begin, we’d like to warn you. This review is quite lengthy. If you’d rather watch videos instead, you can check out this channel’s review. They’ll guide you through OpenSea and its functions so that you understand everything before you jump in with NFT trading.
If you prefer the written word, look over the basics before we go over the costs and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Vertical Nft Hydroponics
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea work?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea, all of the assets on this platform belong to the users, not the platform. Since they are an uncentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without risking the security of their NFT ownership.
This means that unless the transaction is completed the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you need is to have a web3 supported wallet.
In the event that you’re buying, you can use their search engine to find NFTs you’d prefer to purchase. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available from OpenSea?
There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they typically fall into. Let’s look at each.
Music
Music is among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.
Collectibles
Even before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even older technology.
As for NFTs, you can collect avatars and digital pet, and other characters that can be sold or collected. The rarer they are the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most well-known NFT prior to when NFT was invented. Today it is possible to make the same thing with digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards such as those from Sorare and BCCG.
Sports
Digital items related to sports can also be collected, such as animated team logos.
Virtual Worlds
VR spaces and elements can be purchased. It is possible to purchase these metaverses or other things like game elements and the VR environment characters, virtual objects or even virtual lands. A well-known example is Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. Names that are based on blockchain can be purchased 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 options for selling?
Selling your products on OpenSea is simple. All you need to do is list them in the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.
For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select from 5 selling options. These are:
Fixed Price
The seller will be the one to pay the cost of the NFT. Like the name suggests the price never changes.
Dutch Auction
For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers typically set up very high prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they have agreed on a price.
English Auction
The seller will put up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it to the highest bidder.
OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. They can be sold through the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the artworks sold.
With OpenSea you only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent fee reasonable.
But, it is important to know that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.
Furthermore, transactions to Etheruem is costly. Your NFT collection will be created as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will vary based on the market, but you can expect it to be about $100 per NFT.
You also need to know that some NFTs have additional commissions. For example, game developers are paid as much as 15% commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment or deposit. Vertical Nft Hydroponics
The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets 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 examine the advantages and disadvantages of using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in coding or blockchain. Vertical Nft Hydroponics
They also offer a range of digital currency, making their platform one of the biggest NFT marketplaces. The low platform charges are also a good way for you to make more money.
Cons
Although it is open source and has one of the largest NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.
OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as 5 percent.
Overall, OpenSea is an excellent marketplace for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Vertical Nft Hydroponics
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to begin.
Does OpenSea has a support team?
Yes, they have a support team you can reach via the contact page. Go to their website, and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, therefore they change from time to time.
What do I need so I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that users can use. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to get started.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through its contact forms. Visit their official website and look on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
Gas fees are transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined in accordance with the current market conditions, therefore they change from time to time.
