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opensea-review

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

It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest using NFTs, then starting from an established marketplace will provide the leverage you require. This is why we wrote this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?

Before you start our review, we’d like warn you. This review is lengthy. If you prefer to take a look at videos instead, check out the review of this channel. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.

If you like reading, we’ll go through what it is prior to we look into its fees and the benefits it offers.

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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? East West Furniture Nft-Mah-T Rectangular Table With 12-Inch Butterfly Leaf, Mahogany Finish

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

The NFTs that are available aren’t limited to music, art, game items, and domain names.

It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.

Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.

How does OpenSea work?

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

For OpenSea The majority of the assets listed in the platform are owned by the users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.

This means that unless the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to have a web3-enabled wallet.

In the event that you’re buying, you can use their search engine to search for NFTs that you’d prefer to purchase. There are filters that can make your search easier.

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

What types of NFTs are available to purchase from OpenSea?

There are more than 200 varieties of NFTs you can buy from OpenSea. There are eight categories to 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 just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.

Collectibles

Before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, and even old technology.

For NFTs, you can collect avatars, digital pets, or any other characters that could be traded or collected. The rarer they are the more value they have. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most sought-after NFT prior to when NFT was invented. As of today it is possible to make the same thing with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.

Trading Cards

It is also possible to collect digital trading cards like those from Sorare as well as BCCG.

Sports

Sports-related digital items can also be collected, for example, animated team logos.

Virtual Worlds

VR space and other elements are now available for purchase. You can purchase these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. A popular instance can be Axie Infinity.

Utility

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

Domain Names

Websites are now classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. 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 simple. All you have to do is post them in the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and auction type then you’re all set.

If you are a first-time seller, you will be subjected 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 to charge the price of the NFT. As the name implies the price never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.

English Auction

The seller will put up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will make bids until the seller is able to sell 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 create your own NFTs using the platform. Then you can sell them through the marketplace.

Bundles

If you want to sell several NFTs in 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 is common for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies 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 sold.

With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee reasonable.

However, you have to know that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or of the required 2.5%.

In addition, trading on Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.

You also need to know that certain NFTs earn extra commissions. For instance, game designers get as much as 15% as commissions for the items they’ve sold.

What are the payment methods?

OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t make use of PayPal, credit, or debit cards for payment or make a deposit. East West Furniture Nft-Mah-T Rectangular Table With 12-Inch Butterfly Leaf, Mahogany Finish

The NFTs can be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 that come with using OpenSea.

Pros

OpenSea is decentralized, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. East West Furniture Nft-Mah-T Rectangular Table With 12-Inch Butterfly Leaf, Mahogany Finish

They also offer several types of digital asset, which makes it one of the most popular NFT marketplaces. Low platform costs are also a great method to make more money.

Cons

Although it is decentralized and has one of the most diverse NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.

You will also need to establish a cryptocurrency wallet in order to sell or purchase on the platform.

Bottom Line

Like cryptocurrencies NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.

OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.

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

crypto-coins

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

FAQ East West Furniture Nft-Mah-T Rectangular Table With 12-Inch Butterfly Leaf, Mahogany Finish

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

OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be topped up for you to start.

Does OpenSea have a support staff?

Yes they have a customer support staff that you can reach via the contact page. Visit their official website and search at “Submit a request.”

Can you mint at OpenSea?

You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling them, list them for auction. This is a simple and low-cost method, but you can also check out their tutorials.

What are the gas prices?

These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, so they fluctuate at regular intervals.

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

OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser on your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to get started.

Does OpenSea has a support team?

Yes they do have a support staff that you can contact through their contact form. Visit their official website and look for “Submit a request.”

Are you able to 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, list them for sale. This is gas-free and easy to do, however you should check out their tutorials.

What are gas fees?

Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, so they fluctuate at regular intervals.

bitcoin-coins

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

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