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opensea-review

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 experienced rapid growth as blockchain and NFT are becoming more sought-after investments.

It’s becoming more popular because celebrities and other famous people have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.

If you’re looking 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 been for a long time the leading NFT marketplace. But is it the right choice for you?

Before you start our review, we’d like warn you. This review is quite lengthy. If you’d rather watch videos instead, check out the channel’s review. They will guide you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.

For those who prefer the written word, look over the basics before we examine its costs and what it has to offer.

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Before you continue, you may want to watch 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? 1 Nft Value

OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy NFTs, trade them, and exchange them with other users.

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

It was established in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.

Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs bought or created elsewhere.

What is the process behind OpenSea function?

If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.

For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Since they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.

If the transaction is complete the digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you require is to have a web3-enabled wallet.

For those who are buyers you can use their search engine to search for NFTs that you’d like to buy. There are filters that can make your search easier.

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

What types of NFTs are available to purchase from OpenSea?

There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.

Music

Music is among the most well-known NFTs all time. It’s not restricted to songs only; you can also buy mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.

Collectibles

Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even older technology.

For NFTs, it is possible to collect avatars and digital pet, and other characters that can be traded or collected. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT, even before NFT was invented. Today you can do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.

Trading Cards

There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.

Sports

Digital items related to sports can also be collected like animated logos of teams.

Virtual Worlds

VR spaces and elements are now available for purchase. You can purchase these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual lands. One popular example could be Axie Infinity.

Utility

As far-fetched as it sounds, you can also buy NFTs with specific features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.

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

What are the options for selling?

Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and the type of auction then you’re all set.

For the first time sellers who are first-time sellers, you will be subject to a one-time fee for gas.

You can currently select from five options for selling. The choices are:

Fixed Price

The seller is the one who will be charged the cost of the NFT. Just as the name suggests, it never changes.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they reach an agreement on the price.

English Auction

The seller will put up an NFT for sale and lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.

OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.

NFT Creation

You can also create your own NFTs using the platform. Then you can sell them on the marketplace.

Bundles

If you want to sell several NFTs under 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 additional fees?

It is common for crypto or NFT exchanges to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. Similar to how regular galleries make money through a portion of the artworks sold.

With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost competitive.

However, you have to understand that some NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.

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 price for this process will vary based on the market, but you can expect it to be around $100 per NFT.

It is also important to be aware that some NFTs charge extra commissions. For example, game developers are paid 15 percent or more commissions for 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. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit or debit cards to pay or deposit. 1 Nft Value

The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of blockchains and wallets that they are able to 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 which makes transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. 1 Nft Value

They also offer a range of digital asset, which makes them one of the biggest NFT marketplaces. The low platform charges are also a good way for you to make more money.

Cons

Although it’s decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.

Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.

Bottom Line

Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.

The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as 5 %.

All in all, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.

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

FAQ 1 Nft Value

What do I need so I can utilize OpenSea?

OpenSea has a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to begin.

Does OpenSea have a support staff?

Yes they have a customer support team can be reached via the contact page. Visit their website, and search for “Submit a request.”

Do you have the ability to make money at OpenSea?

You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to check out their tutorials.

What are the gas prices?

These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they change every now and then.

What are the requirements I must meet before I can utilize OpenSea?

OpenSea has a mobile and desktop browser users can use. If you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to begin.

Does OpenSea have a support staff?

Yes they have a customer support team you can contact through the contact page. Go to their website, and search on the page for “Submit a request.”

Are you able to earn money at OpenSea?

You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.

What are the gas prices?

These are transactions fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they fluctuate at regular intervals.

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

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