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opensea-review

OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.

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

If you’re planning to invest through NFTs beginning with an established marketplace will give you the leverage you need. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?

Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, check out this channel’s review. They will guide the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.

If you prefer reading, we’ll go through what it is prior to we go over the costs and what it has to offer.

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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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

What is OpenSea? Ip Nft

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

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

It was created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st 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. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea operate?

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

For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Since they are an uncentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without risking losing their NFT ownership.

This means that unless the transaction is completed your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you need is to possess a wallet that is compatible with web3.

If you’re a buyer you can utilize their website to look for NFTs you’d like to buy. They also have filters available to aid in your search.

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

What types of NFTs are available from OpenSea?

There are around 200 kinds of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s have a examine each.

Music

Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.

Collectibles

Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, or older technology.

As for NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or taken home. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most sought-after NFT, even before NFT came to be. Today, you can also make the same thing with digital art. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.

Trading Cards

There is also the possibility of collecting digital trading cards, such as those of Sorare or BCCG.

Sports

The digital objects associated with sports can also be collected, such as animated team logos.

Virtual Worlds

VR space and other elements can be purchased. You can purchase these metaverses or other things such as game items, the VR environment, characters, virtual objects and even virtual land. One popular instance can be Axie Infinity.

Utility

As absurd as it may sound, you can also buy NFTs with specific capabilities. 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 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 on OpenSea is easy. All you need to do is to list them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.

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

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

Fixed Price

The seller is the one who will be charged the price of the NFT. As the name implies, it never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in time. Sellers usually set very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT is sold after they agree on a price.

English Auction

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

OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.

NFT Creation

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

Bundles

If you are looking to sell several NFTs in one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available 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 charges for using the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost paid by the buyer. It’s similar to how regular 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. There are no listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.

However, you have to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.

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

It is also important to be aware that some NFTs have additional commissions. For instance, game developers get up to 15% as commissions for the items they’ve sold.

What are the payment options?

OpenSea is not able to accept conventional currency like 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. That also means you cannot use PayPal credit or debit cards for payment or make a deposit. Ip Nft

The NFTs can be bought or sold 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 take a look at the benefits and disadvantages of using OpenSea.

Pros

OpenSea is decentralized, which makes transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have any experience or expertise in blockchain or coding. Ip Nft

They also offer several types of digital currency, which makes it one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.

Cons

While it is decentralized and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.

It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.

The OpenSea ecosystem allows users to transact without worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5% cost on your sales appears acceptable, given that some online stores can charge as high as 5 %.

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 Ip Nft

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

OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re trying it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be fully charged to start.

Does OpenSea have a support team?

Yes they have a customer support team you can contact through its contact forms. Just go to the official site and look for “Submit a request.”

Can you mint at OpenSea?

You can also mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.

What are the gas prices?

The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, therefore they fluctuate every now and then.

What do I need so I can utilize OpenSea?

OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to start.

Does OpenSea have a support team?

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

Can you make money 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. If you’re ready for selling them, put them up for sale. It’s simple and free of gas to do, however you should look over their instructional videos.

What are the gas prices?

These are transactions fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.

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

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