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opensea-review

OpenSea has become one of the leading markets for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.

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

If you’re planning to invest through NFTs, then starting from a good marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea is always the top NFT marketplace. But is it suitable for you?

Before you go on our review, we’d like warn you. This review is lengthy. If you prefer to take a look at a video instead, take a look at this channel’s review. They’ll walk users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.

For those who prefer to read, let’s go over the basics before we go over the costs 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Jay Z Nft Reasonable Doubt

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

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

It was established 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 which is as new as cryptocurrencies.

It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.

How does OpenSea function?

If you’ve previously been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.

For OpenSea All of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without putting at risk the security of their NFT ownership.

If the transaction is successful, your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you require is to have a web3-enabled wallet.

In the event that you’re buying you can use their browser to find NFTs you’d prefer to purchase. There are filters that can simplify your search.

Jay Z Nft Reasonable Doubt

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

What types of NFTs are available from OpenSea?

There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s examine each.

Music

Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist has to offer. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.

Collectibles

Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even old technology.

For NFTs, you can collect avatars, virtual pets, and other characters that can be sold or taken home. The rarer they are the more value they be. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been among the most sought-after NFT, even before NFT came to be. Today it is possible to make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.

Trading Cards

You can also collect digital trading cards such as the ones from Sorare as well as BCCG.

Sports

Sports-related digital items are also available, for example, animated team logos.

Virtual Worlds

VR environments and components can be purchased. You can purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters or even virtual worlds. One popular illustration can be Axie Infinity.

Utility

As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from 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 your products on OpenSea is easy. All you have to do is to list them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.

If you are a first-time seller who are first-time sellers, you will be subject to a single-use gas charge.

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

Fixed Price

The seller will be the one to pay the price for the NFT. Like the name suggests, it never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease over time. Sellers typically set up very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.

English Auction

The seller will put up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells it to the highest 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. They can be sold through the marketplace.

Bundles

If you’re looking to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed within the package.

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

Are there any fees?

It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.

With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee competitive.

However, you have to know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.

In addition, trading on Etheruem can be costly. Your NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.

Also, you should know that some NFTs charge extra commissions. For instance, game designers receive as much as 15% commissions on the products 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 be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit and debit card to make payments or make a deposit. Jay Z Nft Reasonable Doubt

The NFTs can only be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains 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 advantages and disadvantages that come with using OpenSea.

Pros

OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have any experience or expertise in blockchain technology or programming. Jay Z Nft Reasonable Doubt

They also offer a range of digital asset, making them one of the largest NFT marketplaces. Low platform charges are also a good method to make more money.

Cons

Although it’s decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.

Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.

Bottom Line

Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a wide range 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 users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces can charge as high as five percent.

All in all, 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 Jay Z Nft Reasonable Doubt

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

OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it with your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be filled up to start.

Does OpenSea have a support team?

Yes they do have a support team that you can reach via their contact form. Just go to their website, and look at “Submit a request.”

Can you earn money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should look over their instructional videos.

What are gas fees?

Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, so they constantly change at regular intervals.

What do I need so I can utilize OpenSea?

OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your mobile phone, your browsers should be compatible 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 have a support staff?

Yes, they have a support team you can reach through its contact forms. Visit their website, and search on the page for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also look over their instructional videos.

What are the gas prices?

The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, which means they fluctuate every now and then.

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

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