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OpenSea is now one of the leading markets for NFTs. It was the first to introduce a platform of this kind over the years. 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 an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.

If you’re set on investing with NFTs beginning with an appropriate marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?

Before you start our review, we’d like warn you. This review is an extensive read. If you’d prefer to watch a video instead, take a look at the channel’s review. They will guide the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.

For those who prefer the written word, go over what it is 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? Add Nft Attributes

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

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

It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.

Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.

How does OpenSea work?

If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.

For OpenSea The majority of the assets that are listed on the marketplace are held by users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.

That means unless the transaction is complete your digital assets will never be removed from your account. Furthermore, you’re not 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 browser 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 types of NFTs are available from OpenSea?

There are more than 200 varieties of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.

Music

Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters 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 older technology.

In the case of NFTs, you can gather avatars, virtual pets, or other characters that can be sold or taken home. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT since before NFT was invented. In the present you can do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.

Trading Cards

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

Sports

Sports-related digital items can also be collected, for example, animated logos of teams.

Virtual Worlds

VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual worlds. One popular example could be Axie Infinity.

Utility

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

Domain Names

Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from 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 on OpenSea is simple. All you need to do is to list your products on the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.

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

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

Fixed Price

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

Dutch Auction

In the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set high prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree 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 that of the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.

OpenSea can automatically take over 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 on the marketplace.

Bundles

If you are looking to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.

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

Are there any additional fees?

It’s normal for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings that are sold.

With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5% fee competitive.

However, you must know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percent.

Additionally, transacting to Etheruem could be expensive. The 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 conditions, however you can expect it to be around $100 per NFT.

Also, you should know that certain NFTs earn extra commissions. For instance, game designers receive as much as 15% commissions on the products they’ve sold.

What are the methods of payment?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment or transfer funds. Add Nft Attributes

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 of 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 look at the advantages and disadvantages that come with using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in blockchain or coding. Add Nft Attributes

They also offer several types of digital currency, making their platform one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.

Cons

Although it is decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.

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

Bottom Line

Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.

OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as five percent.

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 Add Nft Attributes

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

OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, your 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 begin.

Does OpenSea have a support staff?

Yes they have a customer support team that you can reach via the contact page. Go to the official site and look at “Submit a request.”

Are you able to make money at OpenSea?

You can also mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.

What are the costs for gas?

These are transactions fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, so they constantly change at regular intervals.

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

OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to start.

Does OpenSea have a support staff?

Yes they have a customer support team that you can reach through the contact page. Go to their 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 have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also check out their tutorials.

What are the gas prices?

The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, so they change at regular intervals.

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

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