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opensea-review

OpenSea has become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.

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

If you’re set on investing with NFTs, then starting from a good marketplace can give you 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 suitable for you?

Before you go on our review, we’d like warn you. This review is quite an extensive read. If you’d rather take a look at videos instead, check out the review of this channel. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.

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

opensea-logo

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

What is OpenSea? Air Pipe And Nutrition Pipe Of Nft Hydroponics System

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

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

It was created in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.

Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.

How does OpenSea operate?

If you’ve ever been trading or buying cryptocurrencies You’ll see NFT trading quite similar.

For OpenSea All of the assets on this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.

If the transaction is successful your digital assets will never leave your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.

In the event that you’re buying you can utilize their website to find NFTs you’d like to buy. There are filters that can simplify your search.

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

What types of NFTs are available to purchase from OpenSea?

There are about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s look at each.

Music

Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Even before NFTs became popular, some individuals were interested in collecting items such as baseball cards, movie props, or even the older technologies.

As for NFTs, it is possible to collect avatars and digital pet or any other characters that could be sold or taken home. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT, even before NFT became a reality. Today you can create digital artworks. It’s not just limited to illustrations and digital paintings. 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 are also available, for example, animated logos of teams.

Virtual Worlds

VR spaces and elements can be purchased. You can purchase these metaverses or other things such as game items and the VR environment virtual objects, characters, and even virtual land. A popular instance is Axie Infinity.

Utility

As absurd as it may sound it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.

bitcoin-coin

> > 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 your products on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.

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

At present, you can select among five selling options. These are:

Fixed Price

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

Dutch Auction

For the Dutch Auction, the seller determines a price that will decrease in time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.

English Auction

The seller will put up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price drops with time. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.

OpenSea will automatically accept the payment if the auction ends above 1 Etherium.

NFT Creation

You can also create your own NFTs via the platform. Then you can sell them through the marketplace.

Bundles

If you want to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed in the bundle.

crypto-trading

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

Are there any fees?

It is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies depending on the platform, it’s typically proportional to the cost paid by the buyer. It’s similar to how regular galleries make money by getting a share of the paintings sold.

With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent cost affordable.

However, you have to know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.

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

You also need to know that certain NFTs earn additional commissions. For instance, game designers get up to 15% commissions for the items they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or transfer funds. Air Pipe And Nutrition Pipe Of Nft Hydroponics System

The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of wallets and blockchains they can 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 has no centralization, making transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Air Pipe And Nutrition Pipe Of Nft Hydroponics System

They also provide a variety of digital assets, which makes them one of the most popular NFT marketplaces. The 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 most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.

It is also necessary to create your crypto wallet to sell or buy from the platform.

Bottom Line

Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.

The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as five percent.

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

crypto-coins

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

FAQ Air Pipe And Nutrition Pipe Of Nft Hydroponics System

What do I need so I can use OpenSea?

OpenSea has a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to get started.

Does OpenSea has a support team?

Yes they do have a support staff that you can reach via its contact forms. Visit their website, and look at “Submit a request.”

Are you able to make money at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.

What are the gas prices?

These are transactions charges 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 in accordance with the current market conditions, which means they constantly change every now and then.

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

OpenSea has a mobile and desktop browser you can use. In the event that you’re using it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to begin.

Does OpenSea have a support staff?

Yes they have a customer support staff that you can contact through its contact forms. Go to their website, and search for “Submit a request.”

Are you able to earn money at OpenSea?

You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.

What are the costs for gas?

The gas fees refer to transaction fees from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, which means they fluctuate every now and then.

bitcoin-coins

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

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