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opensea-review

OpenSea has grown to become one of the most popular markets for NFTs. It was the first to release such a platform in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.

It’s also more well-known since celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.

If you’re set on investing with NFTs and want to start from a good marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?

Before you start, we’d like to warn you. This review is quite a long read. If you’d prefer to take a look at videos instead, take a look at this channel’s review. They’ll walk users through OpenSea and its functions so you’re aware of everything before you jump in with NFT trading.

For those who prefer to read, let’s look through what it is prior to we look into its fees and what it has to offer.

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Before you go on, you may want to watch 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 of OpenSea.

What is OpenSea? 1/4 Jic Male 1/4 Nft Male

OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.

The NFTs that are available aren’t restricted to art, music, game items, and domain names.

It was created in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.

It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.

How does OpenSea work?

If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.

For OpenSea All of the assets that are listed on this platform belong to the users, not by the platform. Since they’re an uncentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk losing their NFT ownership.

That means unless the transaction is completed your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you have to do is possess a wallet that is compatible with web3.

If you’re a buyer, you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to aid in your search.

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> > Click Here to Explore OpenSea’s Marketplace < <

What kinds of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs available to purchase through OpenSea. There are eight categories to which they are typically placed. Let’s have a examine each.

Music

Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.

Collectibles

Before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, or older technology.

In the case of NFTs, you can collect avatars and digital pet, or other characters that can be traded or taken home. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art is always one of the most sought-after NFT since before NFT came to be. Today it is possible to do the same with digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.

Trading Cards

You can also collect digital trading cards such as those from Sorare or BCCG.

Sports

Digital items related to sports can also be collected, such as animated logos of teams.

Virtual Worlds

VR environments and components are now available for purchase. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters or even virtual worlds. One popular example is Axie Infinity.

Utility

As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.

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> > 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 post them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and type of auction then you’re all set.

If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.

Currently, you can choose from 5 selling options. The choices are:

Fixed Price

The seller is the one to pay the cost of the NFT. Just as the name suggests it is not subject to change.

Dutch Auction

For the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers typically set up very high prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit 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 will list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.

OpenSea will automatically accept the payment when the auction closes above 1 Etherium.

NFT Creation

You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.

Bundles

If you want to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.

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> > Click Here to Explore OpenSea’s Marketplace < <

Are there any charges?

It’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money through a portion of the artworks sold.

With OpenSea You will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.

However, you must understand that some NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percent.

Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be minted as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate it to be about $100 per NFT.

Also, you should know that some NFTs have extra commissions. For instance, game designers get up to 15% as commissions for the items they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currency 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 use PayPal, credit, or debit cards to pay for or make a deposit. 1/4 Jic Male 1/4 Nft Male

The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they support.

Blockchains Supported by OpenSea

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 advantages and drawbacks of using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in coding or blockchain. 1/4 Jic Male 1/4 Nft Male

They also offer several types of digital asset, which makes them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.

Cons

While it is open source and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.

It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.

The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as five percent.

In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.

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> > Click Here to Explore OpenSea’s Marketplace < <

FAQ 1/4 Jic Male 1/4 Nft Male

What do I need to know so I can make use of OpenSea?

OpenSea has a mobile and desktop browser that users can utilize. If you’re using it through your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to get started.

Does OpenSea has a support team?

Yes, they have a support staff that you can reach via their contact form. Go to the official site and look on the page 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 add it to the collection. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method, but you can also check out their tutorials.

What are the costs for gas?

Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, which means they fluctuate at regular intervals.

What do I need so I can use OpenSea?

OpenSea is a mobile as well as desktop browser you can use. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.

Does OpenSea have a support staff?

Yes they have a customer support team that you can reach via its contact forms. Visit their website, and look at “Submit a request.”

Are you able to make money at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy but you could also go through their tutorials.

What are gas fees?

These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, which means they constantly change every now and then.

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> > Click Here to Explore OpenSea’s Marketplace < <

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