Does OpenSea Use Ipfs

opensea-review

OpenSea has become one of the most popular markets for NFTs. It was the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT become more popular 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 looking to invest with NFTs, then starting from a good marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?

Before you begin this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to watch a video instead, you can check out the channel’s review. They’ll guide the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.

If you prefer to read, let’s go over the basics before we examine its costs and the benefits it offers.

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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 overview. After, you will want to read the rest of our article for a more comprehensive review.

What is OpenSea? Does OpenSea Use Ipfs

OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade 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 began with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.

Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.

How does OpenSea function?

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

For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking losing their NFT ownership.

If the transaction is complete, your digital assets will never leave your wallet. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.

For those who are buyers you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to make your search easier.

Does OpenSea Use Ipfs

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

What kinds of NFTs are available to purchase from OpenSea?

There are about 200 types of NFTs that you can buy from OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.

Music

Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.

Collectibles

Even before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, and even the older technologies.

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

Art

Art has always been one of the most well-known NFT since before NFT became a reality. In the present, you can also do the same with digital artworks. It’s not limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or small video clip clips.

Trading Cards

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

Sports

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

Virtual Worlds

VR environments and components are now available for purchase. You can purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters, and even virtual land. One popular example is Axie Infinity.

Utility

As absurd as it may sound there are also 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 from 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 need to do is to list them in the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.

For first-time sellers you will be subject to a single-use gas charge.

You can currently select from 5 selling options. The choices are:

Fixed Price

The seller is the one to pay the cost that is the NFT. Just as the name suggests, it never changes.

Dutch Auction

In the Dutch Auction, the seller determines a price that will decrease in time. Sellers generally set high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.

English Auction

The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.

OpenSea will automatically accept the payment 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 on the marketplace.

Bundles

If you are looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available as part of 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 exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money through a portion of the paintings that are sold.

With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost competitive.

However, you must understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5%.

In addition, trading on Etheruem can be costly. Your NFT collection will be issued as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can expect it to be in the range of $100 for each NFT.

It is also important to be aware that some NFTs charge additional commissions. For example, game developers get up to 15% as commissions on the products they’ve sold.

What are the methods of payment?

OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or transfer funds. Does OpenSea Use Ipfs

The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with wallets and blockchains 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 look at the advantages and disadvantages that come with using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Does OpenSea Use Ipfs

They also offer a range of digital currency, which makes them one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to make more money.

Cons

Although it is open source and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.

You will also need to create your crypto wallet to either sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.

The OpenSea ecosystem allows users to transact without worrying about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces could charge as high 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 Does OpenSea Use Ipfs

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

OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, the browsers must 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 begin.

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 look for “Submit a request.”

Are you able to earn money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.

What are the gas prices?

Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, so 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 that you can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to get started.

Does OpenSea have a support team?

Yes they have a customer support staff that you can contact through the contact page. Just go to the official site and search on the page for “Submit a request.”

Can you make money at OpenSea?

You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also go through their tutorials.

What are the costs for gas?

Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they fluctuate at regular intervals.

bitcoin-coins

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

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