2021 Nft Draft

opensea-review

OpenSea is now one of the top markets for NFTs. It was the first to launch a platform like this in the past. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.

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

If you’re planning to invest using NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?

Before you begin, we’d like to warn you. This review is a long read. If you’d prefer to watch a video instead, take a look at the review of this channel. They’ll walk the user through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.

If you prefer reading, we’ll look through what it is prior to we examine its costs and the benefits it offers.

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Before you go on, 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

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

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

It was established in the year 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 very first NFT marketplaces which is not as old as cryptocurrency.

Today, it is 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 sell NFTs that were purchased or developed elsewhere.

How does OpenSea work?

If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading very similar to that.

For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.

This means that 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 need is to have a web3 supported wallet.

If you’re a buyer, you can utilize their website to look for NFTs you’d like to purchase. There are filters that can make your search easier.

2021 Nft Draft

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

What types of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.

Music

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

Collectibles

Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, or older technology.

As for NFTs, it is possible to collect avatars, virtual pets and other characters that can be sold or acquired. The rarer they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT since before NFT became a reality. In the present, you can also do the same with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.

Trading Cards

It is also possible to collect digital trading cards, such as the ones 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 can now also be bought. You can buy these metaverses, or other items like game objects as well as the VR environment characters, virtual objects or even virtual lands. One popular illustration can be Axie Infinity.

Utility

As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites are now considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by 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 simple. All you have to do is list them in the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.

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

You can currently select among five selling options. These are:

Fixed Price

The seller will be the one to charge the price of the NFT. Just as the name suggests the price never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT is sold after they have agreed on a price.

English Auction

The seller is required to put up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.

OpenSea can automatically take over the transaction if the auction ends 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 are looking to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included 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 charges for using the platform. While the fee charged varies per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the artworks sold.

With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent fee competitive.

However, you must 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 on sales, apart from the imposed 2.5 percentage.

Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be about $100 per NFT.

It is also important to be aware that some NFTs have extra commissions. For instance, game developers are paid as much as 15% commissions for the items they’ve sold.

What are the payment options?

OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal, credit, or debit cards for payment for or make a deposit. 2021 Nft Draft

The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains 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 examine the advantages and disadvantages that come with using OpenSea.

Pros

OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. 2021 Nft Draft

They also provide a variety of digital currency, making it one of the biggest NFT marketplaces. The low platform costs are also a great way for you to earn more income.

Cons

Although it is open source and has one of the largest NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.

It is also necessary to establish a crypto wallet to either sell or buy from the platform.

Bottom Line

Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.

OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.

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

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

FAQ 2021 Nft Draft

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

OpenSea offers a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to start.

Does OpenSea have a support staff?

Yes they do have a support team you can reach via their contact form. Visit the official site and search at “Submit a request.”

Do you have the ability to earn 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. If you’re ready for selling the items, post them for sale. This is gas-free and easy to do, however you should check out their tutorials.

What are the gas prices?

The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate every now and then.

What are the requirements I must meet before 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, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled with money to get started.

Does OpenSea have a support staff?

Yes they do have a support staff that you can contact through the contact page. Go to their official website and look for “Submit a request.”

Can you mint at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.

What are the costs for gas?

These are transactions costs from 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 by the market, which means they change every now and then.

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

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