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opensea-review

OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind throughout 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 interest. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest through NFTs, then starting from a good marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it right for you?

Before you go on this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to watch a video instead, you can check out the review of this channel. They will guide users through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.

If you like reading, we’ll look over the basics before we look into its fees and what it can offer.

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Before you go on, 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 our article for a more comprehensive review of OpenSea.

What is OpenSea? All Nft Stocks

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

The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.

It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.

It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.

What is the process behind OpenSea work?

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

For OpenSea All of the assets on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.

If the transaction is successful your digital assets won’t leave your account. Furthermore, you’re not required to open an account. All you require is to possess a wallet that is compatible with web3.

If you’re a buyer you can utilize their website to search for NFTs that you’d prefer to purchase. They also offer filters to simplify your search.

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

What kinds of NFTs can you purchase from OpenSea?

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

Music

Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.

Collectibles

Even before NFTs were popular, a few people were investing in collectibles such as baseball cards movie props, or even older technology.

For NFTs, you can gather avatars and digital pet or any other characters that could be traded or acquired. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT, even before NFT was invented. Today you can create digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.

Trading Cards

It is also possible to collect digital trading cards, such as those from Sorare and BCCG.

Sports

Digital items related to sports can also be collected for example, animated logos of teams.

Virtual Worlds

VR spaces and elements can be purchased. You can purchase these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual worlds. A popular instance could be Axie Infinity.

Utility

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

Domain Names

Websites can now also be classified as 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.

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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 need to do is list them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.

For the first time sellers you will be subject to a one-time fee for gas.

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

Fixed Price

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

Dutch Auction

In an auction like the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.

English Auction

The seller will put up an NFT for sale and lists the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.

OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.

NFT Creation

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

Bundles

If you are looking to sell multiple NFTs under one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.

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

Are there any fees?

It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings sold.

With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% fee affordable.

However, you must understand that some NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percentage.

Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be issued as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.

It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers receive as much as 15% as commissions on the products they’ve sold.

What are the payment options?

OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay or make a deposit. All Nft Stocks

The NFTs can be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that 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 benefits and disadvantages when using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain or coding. All Nft Stocks

They also offer several types of digital asset, making their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good way for you to earn more income.

Cons

Although it is decentralized and offers one of the largest NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.

Additionally, you will need to create your cryptocurrency wallet in order to sell or purchase on the platform.

Bottom Line

Similar to cryptocurrency NFTs are also increasing over time. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as 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 allows 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 reasonableconsidering that some marketplaces may charge as much as 5 percent.

Overall, OpenSea is an excellent marketplace for NFT traders and professionals.

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

FAQ All Nft Stocks

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

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

Does OpenSea have a support staff?

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

Do you have the ability to earn money at OpenSea?

You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the 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 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. The price is determined by the market, so they change at regular intervals.

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

OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be topped up for you to start.

Does OpenSea have a support staff?

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

Do you have the ability to earn money at OpenSea?

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

What are the gas prices?

The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, so they fluctuate at regular intervals.

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

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