How To Grow In Nft

opensea-review

OpenSea is now one of the leading marketplaces 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 have become increasingly sought-after investments.

It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.

If you’re set on investing with NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea is always the most popular NFT marketplace. But is it right for you?

Before you go on our review, we’d like warn you. This review is an extensive read. If you’d rather watch a video instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.

If you prefer reading, we’ll go through what it is prior to we go over the costs 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? How To Grow In Nft

OpenSea offers a market that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.

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

It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.

Nowadays, it Is one of the largest 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 that were purchased or developed elsewhere.

How does OpenSea function?

If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.

For OpenSea, all of the assets on the platform are owned by users, not by the platform. Since they are a decentralized marketplace, they have intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.

This means that unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you need is to possess a wallet that is compatible with web3.

In the event that you’re buying, you can utilize their website to find NFTs you’d prefer to purchase. They also offer filters to make your search easier.

How To Grow In Nft

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

What kinds 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 review of each.

Music

Music is among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.

Collectibles

Before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even older technology.

For NFTs, you can gather avatars, digital pets, or other characters that can be traded or collected. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT, even before NFT became a reality. As of today you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as videos of short length.

Trading Cards

There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.

Sports

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

Virtual Worlds

VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters, or even virtual lands. A popular illustration could be Axie Infinity.

Utility

As absurd as it may sound it is possible to purchase NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.

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

What are the options for selling?

Selling your products on OpenSea is simple. All you need to do is to list them on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and the type of auction then you’re all set.

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

At present, you can select among five selling options. These are:

Fixed Price

The seller is the one who will be charged the price that is the NFT. Like the name suggests it is not subject to change.

Dutch Auction

For the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set high prices. As time passes, it will lower until it becomes 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 is required to put up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price decreases with time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.

OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.

NFT Creation

You can also create your own NFTs using the platform. They can be sold on the marketplace.

Bundles

If you want to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.

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

Are there any charges?

It is common for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money through a portion of the paintings sold.

With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost reasonable.

However, you have to understand that some NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the standard 2.5 percentage.

In addition, trading on Etheruem can be costly. Your NFT collection will only be minted as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be around $100 per NFT.

Also, you should know that certain NFTs earn extra commissions. For instance, game designers receive 15 percent or more commissions for items they’ve sold.

What are the payment options?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit or debit cards to pay for or make a deposit. How To Grow In Nft

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

Pros

OpenSea has no centralization, making transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about blockchain technology or programming. How To Grow In Nft

They also provide a variety of digital asset, which makes their platform one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.

Cons

While it is open source and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.

Additionally, you will need to create your 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 strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with financial decentralization.

The OpenSea ecosystem enables its users to transact without worrying about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.

All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.

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

FAQ How To Grow In Nft

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

OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be filled up to start.

Does OpenSea have a support staff?

Yes they do have a support team you can contact through the contact page. Just go to the official site and search at “Submit a request.”

Do you have the ability to make money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.

What are the gas prices?

The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined in accordance with the current market conditions, which means they constantly change every now and then.

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

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

Does OpenSea have a support staff?

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

Are you able to make money at OpenSea?

You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.

What are gas fees?

These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, so they constantly change every now and then.

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

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