2021 Nft Draft Stage

opensea-review

OpenSea is now one of the leading platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.

It’s becoming more popular because celebrities and celebrities have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest with NFTs and want to start from a good marketplace can give you the leverage you require. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?

Before you start 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, you can check out the review of this channel. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.

If you like the written word, go over the basics before we go over the costs and what it has to offer.

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Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? 2021 Nft Draft Stage

OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.

The NFTs available are not only limited to art, music games, or game products, as well as domain names.

It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.

It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.

How does OpenSea operate?

If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.

For OpenSea All of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.

This means that unless the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.

If you’re a buyer you can use their browser to find NFTs you’d like to purchase. They also offer filters to simplify your search.

2021 Nft Draft Stage

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

What kinds of NFTs are available from OpenSea?

There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.

Music

Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Even before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, and even old technology.

In the case of NFTs, you can collect avatars, digital pets, and other characters that can be sold or collected. The rarer they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT since before NFT was invented. As of today you can do the same with digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.

Trading Cards

You can also collect digital trading cards, such as the ones from Sorare and BCCG.

Sports

The digital objects associated with sports can also be collected such as animated logos of teams.

Virtual Worlds

VR space and other elements can be purchased. It is possible to purchase these metaverses or other things like game objects and the VR environment characters, virtual objects and even virtual land. A well-known example could be Axie Infinity.

Utility

As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. 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 to list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and auction type, you’re good to go.

If you are a first-time seller, you will be subjected to a one-time fee for gas.

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

Fixed Price

The seller will be the one who will be charged the cost for the NFT. Like the name suggests it is not subject to change.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers generally set expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.

OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.

NFT Creation

You can also create your own NFTs using the platform. They can be sold in the marketplace.

Bundles

If you want to sell several NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.

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

Are there any charges?

It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. Similar to how regular galleries make money through a portion of the paintings that are sold.

With OpenSea you only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee competitive.

But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the standard 2.5 percentage.

Additionally, transacting to Etheruem can be costly. The NFT collection will be minted as a valid, non-fungible token after your NFT bid is accepted. The price for this process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.

You also need to know that some NFTs charge additional commissions. For instance, game designers get 15 percent or more commissions on the products they’ve sold.

What are the payment options?

OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards for payment for or transfer funds. 2021 Nft Draft Stage

The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 look at the benefits and disadvantages that come with using OpenSea.

Pros

OpenSea is decentralized, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. 2021 Nft Draft Stage

They also provide a variety of digital currency, making them one of the biggest NFT marketplaces. 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 collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for payments using currency like USD or Euros.

You will also need to establish a crypto wallet to either sell or purchase on the platform.

Bottom Line

Just like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.

The OpenSea ecosystem allows users to transact without concern about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.

All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.

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

FAQ 2021 Nft Draft Stage

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

OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to start.

Does OpenSea have a support team?

Yes, they have a support team that you can reach via its contact forms. Just go to their official website and search on the page for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also go through their tutorials.

What are the costs for gas?

Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, therefore they fluctuate at regular intervals.

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

OpenSea has a mobile and desktop browser users can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to begin.

Does OpenSea have a support team?

Yes they have a customer support team that you can contact through its contact forms. Just go to their website, and search at “Submit a request.”

Are you able to earn money at OpenSea?

You can also mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also check out their tutorials.

What are gas fees?

The gas fees refer to transaction charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, therefore they constantly change every now and then.

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

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