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opensea-review

OpenSea has grown to become one of the leading markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.

It’s also more well-known since celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest with NFTs beginning with an appropriate marketplace can give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?

Before you go on, we’d like to warn you. This review is quite an extensive read. If you’d prefer to watch videos instead, take a look at this channel’s review. They’ll guide users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.

If you prefer reading, we’ll look through what it is prior to we look into its fees and what it can offer.

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

What is OpenSea? Curren$Y Nft Album

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

The available NFTs are not restricted to art, music games, or game products, as well as domain names.

It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.

It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.

How does OpenSea work?

If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.

For OpenSea The majority of the assets that are listed on this platform belong to users, not the platform. Since they are an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.

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

For those who are buyers, you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to aid in your search.

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

What kinds of NFTs are available to purchase from OpenSea?

There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s have a look at each.

Music

Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even old technology.

In the case of NFTs, it is possible to collect avatars and digital pet, or other characters that can be traded or acquired. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art is always one of the most sought-after NFT since before NFT came to be. Today you can create digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.

Trading Cards

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

Sports

The digital objects associated with sports are also available, for example, animated team logos.

Virtual Worlds

VR environments and components can be purchased. It is possible to purchase these metaverses and other things like game elements, the VR environment, virtual objects, characters, or even virtual lands. One popular illustration could be Axie Infinity.

Utility

As bizarre as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples include 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.

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

What are the selling options?

Selling on OpenSea is easy. All you need to do is post them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.

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

Currently, you can choose among five selling options. They are:

Fixed Price

The seller will be the one who will be charged the cost of the NFT. Like the name suggests the price never changes.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can submit an offer. 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 a minimum price. This is different from the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.

OpenSea will automatically accept the payment when the auction closes above 1 Etherium.

NFT Creation

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

Bundles

If you want to sell multiple NFTs under one transaction, you could use OpenSea’s bundle features. 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 normal for crypto or NFT marketplaces to impose fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings that are sold.

With OpenSea, you will only be charged 2.5% when you purchase an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% fee competitive.

But, it is important to know that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.

Furthermore, transactions to Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible following the time your NFT bid has been accepted. The costs for the process will depend on the market, but you can anticipate it to be about $100 per NFT.

It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers are paid up to 15% commissions for the items they’ve sold.

What are the payment methods?

OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, and debit card to make payments or deposit. Curren$Y Nft Album

The NFTs can only be purchased or sold when your cryptocurrency 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 benefits and disadvantages when using OpenSea.

Pros

OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have prior experience or know-how in blockchain or coding. Curren$Y Nft Album

They also offer a range of digital assets, which makes their platform one of the largest NFT marketplaces. Low platform charges are also a good method to earn more income.

Cons

Although it is decentralized and has one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.

Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.

Bottom Line

Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.

OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 %.

In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.

crypto-coins

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

FAQ Curren$Y Nft Album

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 trying it through your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled up to start.

Does OpenSea has a support team?

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

Are you able to make money at OpenSea?

You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also check out their tutorials.

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 offers one-time fees as well as regular fees. The price is determined by the market, therefore they constantly change every now and then.

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

OpenSea has a mobile and desktop browser you can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to get started.

Does OpenSea have a support team?

Yes, they have a support staff 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 also mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free but you could also check out their tutorials.

What are gas fees?

These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, so they constantly change from time to time.

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

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