Ericsson Nft 304 59/2

opensea-review

OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to introduce a platform of this kind in the past. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.

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

If you’re planning to invest through NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?

Before you go on, we’d like to warn you. This review is quite a long read. If you’d rather watch videos instead, take a look at the channel’s review. They’ll walk you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.

If you prefer the written word, look over the basics before we go over the costs and what it has to offer.

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

What is OpenSea? Ericsson Nft 304 59/2

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

The available NFTs are not only limited to art, music, game items, and domain names.

It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.

Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea function?

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

For OpenSea, all of the assets that are listed on the platform are owned by the users, not the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users are able to interact with buyers without risking their NFT ownership.

That means unless the transaction is complete the digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.

If you’re a buyer you can use their search engine to look for NFTs you’d like to buy. There are filters that can aid in your search.

Ericsson Nft 304 59/2

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

What kinds of NFTs can you purchase from OpenSea?

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

Music

Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist is offering. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.

Collectibles

Before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even old technology.

In the case of NFTs, you can gather avatars and digital pet, and other characters that can be sold or acquired. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT prior to when NFT was invented. Today it is possible to do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.

Trading Cards

It is also possible to collect digital trading cards like those of Sorare and BCCG.

Sports

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

Virtual Worlds

VR space and other elements are now available for purchase. You can buy these metaverses, or other items such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A well-known example is Axie Infinity.

Utility

As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains 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 simple. All you need to do is post your products on the marketplace. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and the type of auction then you’re all set.

If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.

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

Fixed Price

The seller is the one to pay the price that is the NFT. As the name implies the price never changes.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers typically set up very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.

English Auction

The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.

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

NFT Creation

You can also mint your own NFTs via the platform. They can be sold through the marketplace.

Bundles

If you want to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed 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 marketplaces to impose charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.

With OpenSea, you will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee affordable.

But, it is important to know that certain NFTs charge higher transaction costs 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 standard 2.5%.

In addition, trading on Etheruem is costly. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.

Also, you should know that some NFTs have additional commissions. For instance, game developers get 15 percent or more as commissions for items they’ve sold.

What are the methods of payment?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit or debit cards for payment for or make a deposit. Ericsson Nft 304 59/2

The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of 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, which makes transactions secure and almost impossible to be swindled. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in coding or blockchain. Ericsson Nft 304 59/2

They also provide a variety of digital asset, which makes them one of the biggest NFT marketplaces. The low platform charges are also a good way for you to make more money.

Cons

While it is open source and has one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.

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

Bottom Line

Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.

The OpenSea ecosystem allows customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces could charge as high as 5 percent.

Overall, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.

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

FAQ Ericsson Nft 304 59/2

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

OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to start.

Does OpenSea have a support team?

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

Do you have the ability to mint at OpenSea?

You can also mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also check out their tutorials.

What are the costs for gas?

Gas fees are transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they fluctuate from time to time.

What do I need so I can use OpenSea?

OpenSea offers a mobile and desktop browser that you can use. In the event that you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to begin.

Does OpenSea has a support team?

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

Can you mint at OpenSea?

You can make a mint using OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should look over their instructional videos.

What are gas fees?

These are transactions costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, therefore they constantly change every now and then.

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

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