OpenSea has grown to become one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.
If you’re planning to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?
Before you go on our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, check out this channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer reading, we’ll go over what it is 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? We Plant Hydroponics Nft System
OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.
The NFTs that are available aren’t only limited to art, music, game items, and domain names.
It was established in the year 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 first NFT marketplaces and a concept similar to cryptocurrency.
It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. One of the best things about these is that they permit users to post NFTs purchased or made elsewhere.
How does OpenSea function?
If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.
For OpenSea The majority of the assets on this platform belong to the users, not by the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.
That means unless the transaction is successful the digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers you can use their browser to search for NFTs that you’d like to buy. They also offer filters to aid in your search.
What kinds of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.
Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even older technology.
As for NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or collected. The more rare they are, the more value they have. There are also variants such as Nyan Cat and CryptoPunks.
Art has always been among the most popular NFT prior to when NFT was invented. In the present, you can also do the same with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as small video clip clips.
It is also possible to collect digital trading cards like those 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 are now available for purchase. It is possible to purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters, and even virtual land. A well-known example could be Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now 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.
What are the selling options?
Selling on OpenSea is simple. All you need to do is list them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction and you’re ready to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time fee for gas.
You can currently select among five selling options. These are:
The seller will be the one to pay the price for 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 over the course of. Sellers typically set up very high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold once they have agreed on a price.
The seller will put up an NFT to sell and list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.
You can also create your own NFTs via the platform. Then you can sell them on the marketplace.
If you’re looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available as part of the bundle.
Are there any fees?
It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea You will only need to pay 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent fee competitive.
But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.
Additionally, transacting to Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.
You also need to know that certain NFTs earn extra commissions. For instance, game designers get 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit, debit, and debit card to make payments or make a deposit. We Plant Hydroponics 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 blockchains and wallets that they 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 can be decentralized which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. We Plant Hydroponics Nft System
They also offer several types of digital assets, making them one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to make more money.
Although it’s open source and has one of the most diverse NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for payments with currencies like USD or Euros.
Additionally, you will need to create your crypto wallet to sell or purchase from the platform.
Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem enables its users to transact without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percent charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.
FAQ We Plant Hydroponics Nft System
What do I need so I can use OpenSea?
OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to begin.
Does OpenSea have a support team?
Yes, they have a support team can be reached via the contact page. 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 an item in your inventory. Once you’re ready to sell them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, therefore they constantly change from time to time.
What do I need so I can utilize OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it on your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes they have a customer support staff that you can contact through the contact page. Go to their official website and search for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you need 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 sale. This is gas-free and easy but you could also look over their instructional videos.
What are the costs for gas?
The gas fees refer to transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, so they fluctuate every now and then.