9 Lives Nft

opensea-review

OpenSea is now one of the leading markets for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth since 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 digitized, NFT becomes more lucrative.

If you’re planning to invest using 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 go on our review, we’d like warn you. This review is an extensive read. If you’d rather watch videos instead, take a look at this channel’s review. They’ll walk the user 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 through what it is prior to we look into its fees and what it can 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’ll want to read the rest of the article for a more comprehensive review.

What is OpenSea? 9 Lives Nft

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

The NFTs available are not only limited to art, music, game items, and domain names.

It was created in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.

Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to sell NFTs bought or created elsewhere.

What is the process behind OpenSea operate?

If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.

For OpenSea All of the assets on the marketplace are held by users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk their NFT ownership.

If the transaction is complete your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.

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

9 Lives Nft

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

What types of NFTs can you purchase from OpenSea?

There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.

Music

Music could be among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.

Collectibles

Before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even the older technologies.

In the case of NFTs, you can collect avatars, digital pets or other characters that can be traded or acquired. The rarer they are the more value they be. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT, even before NFT was invented. In the present you can make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs, images, or even videos of short length.

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, for example, animated team logos.

Virtual Worlds

VR environments and components can be purchased. It is possible to purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual lands. A popular instance can be Axie Infinity.

Utility

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

Domain Names

Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to being 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 on OpenSea is simple. All you have to do is list them on the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.

For the first time sellers, you will be subjected to a one-time gas fee.

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

Fixed Price

The seller is the one who will be charged the cost that is the NFT. As the name implies it is not subject to change.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set expensive prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT can be sold once they have agreed on a price.

English Auction

The seller is required to put up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. When it comes to 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 when the auction closes above 1 Etherium.

NFT Creation

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

Bundles

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

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

Are there any fees?

It’s normal for crypto or NFT marketplaces to impose charges to use the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings that are sold.

With OpenSea You will only have to pay 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee affordable.

But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.

Furthermore, transactions to Etheruem is costly. Your NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be about $100 per NFT.

You also need to know that some NFTs charge extra commissions. For example, game developers receive 15 percent or more as commissions on the products they’ve sold.

What are the payment options?

OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay or transfer funds. 9 Lives Nft

The NFTs can be bought or sold if your cryptocurrency 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 when using OpenSea.

Pros

OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Furthermore, it is easy to invest in NFTs, even if you do not have prior experience or know-how in blockchain or coding. 9 Lives Nft

They also offer several types of digital asset, which makes it one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to make more money.

Cons

Although it’s open source and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments with currencies like USD or Euros.

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

Bottom Line

Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.

The OpenSea ecosystem enables its users to transact without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores could charge as high as five percent.

In the end, 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 9 Lives Nft

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

OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to start.

Does OpenSea has a support team?

Yes they do have a support team that you can contact through its contact forms. Visit their website, and look for “Submit a request.”

Can you make money at OpenSea?

You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to 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 recurring fees. The prices are driven through the marketplace, therefore they change from time to time.

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

OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to get started.

Does OpenSea have a support team?

Yes, they have a support team that you can contact through their contact form. Just go to their official website and look on the page for “Submit a request.”

Are you able to mint at OpenSea?

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

What are the costs for gas?

The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, therefore they constantly change at regular intervals.

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

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