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opensea-review

OpenSea has grown to become one of the top markets for NFTs. It’s also the first one to launch a platform like this throughout the years. It has 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 looking to invest through NFTs and want to start from an established marketplace will provide the leverage you need. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?

Before you start this journey, we’d like to caution you. This review is a long read. If you prefer to watch videos instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.

For those who prefer to read, let’s look over the basics before we look into its fees 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Ipfs Nft

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 only limited to art, music game items, domain names.

It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.

Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.

What is the process behind OpenSea work?

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

For OpenSea, all of the assets on the platform are owned by users, not by the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without putting at risk the security of their NFT ownership.

That means unless the transaction is complete your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.

In the event that you’re buying, you can utilize their website to look for NFTs you’d like to purchase. There are filters that can aid in your search.

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> > 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 that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s look at each.

Music

Music could be among the most well-known NFTs 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. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.

Collectibles

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

As for NFTs, you can collect avatars and digital pet, or other characters that can be sold or collected. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.

Art

Art is always one of the most well-known NFT, even before NFT was invented. As of today it is possible to create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as small video clip clips.

Trading Cards

There is also the possibility of collecting digital trading cards like those of Sorare as well as BCCG.

Sports

Digital items related to sports are also available, like animated logos of teams.

Virtual Worlds

VR spaces and elements can be purchased. You can purchase these metaverses and other things such as game items and the VR environment virtual objects, characters and even virtual land. A popular example could be Axie Infinity.

Utility

As absurd as it may sound there are also NFTs with specific functions. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by 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 list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and type of auction then you’re all set.

For first-time sellers, you will be subjected to a one-time gas fee.

You can currently select from 5 selling options. They are:

Fixed Price

The seller will be the one to charge the cost for 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 in the course of. Sellers usually set very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller puts up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.

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

NFT Creation

You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.

Bundles

If you want to sell multiple NFTs within one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.

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

Are there any charges?

It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.

With OpenSea You will only need to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee reasonable.

However, you must be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.

Additionally, transacting to Etheruem could be expensive. Your NFT collection will be created as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be around $100 per NFT.

Also, you should know that some NFTs have extra commissions. For example, game developers get 15 percent or more commissions on the products they’ve sold.

What are the methods of payment?

OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards to pay or make a deposit. Ipfs Nft

The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains 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 take a look at the advantages and drawbacks of using OpenSea.

Pros

OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Ipfs Nft

They also offer a range of digital assets, making it one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to make more money.

Cons

While it is decentralized and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.

You will also need to set up your own crypto wallet to either sell or purchase on the platform.

Bottom Line

Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.

OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.

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

crypto-coins

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

FAQ Ipfs Nft

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

OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it with your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled up to begin.

Does OpenSea have a support team?

Yes they do have a support team that can be reached via the contact page. Visit the official site and look at “Submit a request.”

Do you have the ability to earn 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 them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.

What are gas fees?

These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, which means 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 utilize. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.

Does OpenSea have a support team?

Yes, they have a support team that you can reach through the contact page. Go to the official site and look on the page for “Submit a request.”

Can you mint at OpenSea?

You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also check out their tutorials.

What are the gas prices?

These are transactions charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, so they change at regular intervals.

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

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