Best Nft Stat Data

opensea-review

OpenSea has become one of the most popular markets for NFTs. It’s also the first one to release such a platform in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.

It’s even more popular since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.

If you’re looking to invest through NFTs, then starting from 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 leading NFT marketplace. But is it right for you?

Before you begin, we’d like to warn you. This review is a long read. If you prefer to watch videos instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features so you’re fully aware before you jump in with NFT trading.

For those who prefer to read, let’s go through what it is prior to we look into its fees and what it can 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 our article for a more comprehensive review.

What is OpenSea? Best Nft Stat Data

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 restricted to art, music game items, domain names.

It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.

Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.

How does OpenSea operate?

If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.

For OpenSea All of the assets on the marketplace are held by users, not by the platform. Since they’re an open marketplace, they use intelligent contracts so that users are able to interact with buyers without risking the security of their NFT ownership.

That means unless the transaction is successful the digital assets will never leave your wallet. 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 use their browser to find NFTs you’d prefer to purchase. They also have filters available to aid in your search.

Best Nft Stat Data

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

What types of NFTs are available from OpenSea?

There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s look at each.

Music

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

Collectibles

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

In the case of NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or taken home. The rarer they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been among the most sought-after NFT, even before NFT came to be. As of today, you can also create digital artworks. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.

Trading Cards

There is also the possibility of collecting digital trading cards like those of Sorare as well as BCCG.

Sports

Digital items related to sports are also available, such as animated team logos.

Virtual Worlds

VR spaces and elements can be purchased. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. A well-known illustration is Axie Infinity.

Utility

As bizarre as it may sound there are also NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. These types are also censorship-resistant.

bitcoin-coin

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

What are the selling options?

Selling your products on OpenSea is easy. All you have to do is to list your products on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and type of auction, you’re good to go.

For the first time sellers, you will be subjected 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 cost that is the NFT. Like the name suggests, it never changes.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers usually set very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.

English Auction

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

OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.

NFT Creation

You can also mint your own NFTs through the platform. You can then sell them through the marketplace.

Bundles

If you are looking to sell several NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed as part of the bundle.

crypto-trading

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

Are there any additional fees?

It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.

With OpenSea you only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% cost competitive.

However, you must 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 on sales, apart from the standard 2.5 percentage.

Furthermore, transactions to Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be around $100 per NFT.

Also, you should know that certain NFTs earn additional commissions. For instance, game developers are paid as much as 15% as commissions for the items they’ve sold.

What are the methods of payment?

OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal, credit, or debit cards to pay for or transfer funds. Best Nft Stat Data

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 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 examine the advantages and disadvantages when using OpenSea.

Pros

OpenSea is decentralized, making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Best Nft Stat Data

They also offer several types of digital asset, which makes their platform one of the biggest NFT marketplaces. Low platform charges are also a good method to earn more income.

Cons

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

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

Bottom Line

Like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.

OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as five percent.

Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.

crypto-coins

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

FAQ Best Nft Stat Data

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

OpenSea has a mobile and desktop browser that you 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. Additionally, it should be filled up to start.

Does OpenSea has a support team?

Yes they do have a support team you can contact through the contact page. Go to their official website and search for “Submit a request.”

Are you able to make money at OpenSea?

You can mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, list them for auction. 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. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined by the market, therefore they fluctuate every now and then.

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

OpenSea has a mobile and desktop browser that users can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to start.

Does OpenSea have a support team?

Yes they have a customer support staff that you can reach via its contact forms. Visit their official website and look on the page for “Submit a request.”

Can you mint at OpenSea?

You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also 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 funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they change from time to time.

bitcoin-coins

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

error: Content is protected !!