Anastasia Broadway 6/2021 Nft

opensea-review

OpenSea is now one of the leading platforms for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.

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

If you’re set on investing through NFTs, then starting from a good marketplace can provide the leverage you need. This is why we wrote 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 quite an extensive read. If you’d rather take a look at videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.

For those who prefer to read, let’s look over what it is before we look into its fees and what it can offer.

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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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Anastasia Broadway 6/2021 Nft

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

The NFTs that are available aren’t limited to music, art 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 collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.

It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to post NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea function?

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

For OpenSea The majority of the assets on the marketplace are held by the users, not the platform. Since they’re a decentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk their NFT ownership.

That means unless the transaction is completed your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you need is to possess a wallet that is compatible with web3.

For those who are buyers you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can aid in your search.

Anastasia Broadway 6/2021 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 you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s examine each.

Music

Music could be among the most well-known NFTs all time. It’s not limited 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, or other types of sound effects.

Collectibles

Before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even old technology.

In the case of NFTs, you can gather avatars, digital pets and other characters that can be traded or acquired. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art is always one of the most sought-after NFT since before NFT became a reality. In the present it is possible to do the same with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even short video clips.

Trading Cards

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

Sports

Sports-related digital items can also be collected such as animated logos of teams.

Virtual Worlds

VR space and other elements can now also be bought. You can purchase these metaverses and other things like game elements as well as the VR environment characters, virtual objects or even virtual lands. A popular illustration can be Axie Infinity.

Utility

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

Domain Names

Websites are now considered to be NFT. It is possible to purchase blockchain-based domains 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 selling options?

Selling on OpenSea is easy. All you have to do is list them on the marketplace. It’s all you have to do is ensure that your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.

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

At present, you can select from 5 selling options. They are:

Fixed Price

The seller will be the one to charge the price that is the NFT. As the name implies the price never changes.

Dutch Auction

In the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers typically set up very expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.

English Auction

The seller will put up an NFT for sale and will list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.

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

NFT Creation

You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.

Bundles

If you want to sell several NFTs under 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 additional fees?

It is common for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by gaining a percentage of the paintings sold.

With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.

But, it is important to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.

In addition, trading on Etheruem can be costly. Your NFT collection will be minted 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 expect it to be around $100 per NFT.

It is also important to be aware that certain NFTs earn extra commissions. For example, game developers get 15 percent or more as commissions for the items they’ve sold.

What are the payment methods?

OpenSea cannot accept conventional currencies 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 for payment or make a deposit. Anastasia Broadway 6/2021 Nft

The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets 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 disadvantages of using OpenSea.

Pros

OpenSea is decentralized, which makes transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Anastasia Broadway 6/2021 Nft

They also offer several types of digital assets, which makes their platform one of the most popular NFT marketplaces. The platform’s low charges are also a good method to earn more income.

Cons

While it is decentralized and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.

Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.

Bottom Line

Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with financial decentralization.

The OpenSea ecosystem allows users to make transactions without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.

All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.

crypto-coins

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

FAQ Anastasia Broadway 6/2021 Nft

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

OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it on your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to start.

Does OpenSea has a support team?

Yes, they have a support staff that you can reach via the contact page. Just go to their official website and look at “Submit a request.”

Do you have the ability to make money at OpenSea?

You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should check out their tutorials.

What are gas fees?

The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, so they change at regular intervals.

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

OpenSea offers a mobile and desktop browser that users can use. If you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be topped up for you to begin.

Does OpenSea has a support team?

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

Can you make money at OpenSea?

You can also mint at OpenSea. All you have to do is create 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 to do, however you should check out their tutorials.

What are the costs for gas?

Gas fees are transaction fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, therefore they fluctuate at regular intervals.

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

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