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opensea-review

OpenSea is now one of the top markets for NFTs. It’s also the first one to launch a platform like this over the years. It has seen rapid growth as blockchain and NFT become more popular investments.

It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest using NFTs, then starting from an established marketplace will provide the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it right for you?

Before you begin this journey, we’d like to caution you. This review is a long read. If you’d rather watch a video instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.

If you prefer to read, let’s look over what it is before we examine its costs and what it can 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft 0210

OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.

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

It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept 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. The most appealing aspect of them is that they allow users to sell NFTs purchased or made elsewhere.

How does OpenSea function?

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

For OpenSea All of the assets that are listed on the platform are owned by users, not the platform. Since they’re an open marketplace, they have intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.

That means unless the transaction is complete, your digital assets will never leave your account. Moreover, you aren’t 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 find NFTs you’d prefer to purchase. They also have filters available to make your search easier.

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

What types of NFTs are available from OpenSea?

There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.

Music

Music may be one of the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.

Collectibles

Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, and even old technology.

In the case of NFTs, you can collect avatars, digital pets, and other characters that can be sold or taken home. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT, even before NFT became a reality. In the present you can create digital artworks. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.

Trading Cards

You can also collect digital trading cards, such as those of Sorare as well as BCCG.

Sports

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

Virtual Worlds

VR environments and components are now available for purchase. It is possible to purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, or even virtual worlds. A well-known example can be Axie Infinity.

Utility

As far-fetched as it sounds it is possible to purchase NFTs that have specific features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites are now considered as NFT. Names that are based on blockchain can be purchased 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 have to do is list them in the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and auction type, you’re good to go.

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

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

Fixed Price

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

Dutch Auction

In the Dutch Auction, the seller sets a price that will fall over the course of. Sellers usually set very expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold once they agree on a price.

English Auction

The seller will put up an NFT to sell and list a minimum price. This is in contrast to that of the Dutch Auction, where the price decreases with time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.

OpenSea will automatically accept the payment 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 through the marketplace.

Bundles

If you are looking to sell several NFTs under 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 additional fees?

It’s normal for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the paintings that are sold.

With OpenSea You will only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee affordable.

But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percent.

Additionally, transacting to Etheruem is costly. The NFT collection will be minted as a valid, non-fungible token once your NFT bid is accepted. The price for this process will depend on the market conditions, however you can expect 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 15 percent or more as commissions for the items they’ve sold.

What are the payment methods?

OpenSea does not accept traditional 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. This means that you can’t use PayPal credit and debit card to make payments for or transfer funds. Nft 0210

The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains 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 disadvantages when using OpenSea.

Pros

OpenSea can be 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 blockchain technology or programming. Nft 0210

They also offer a range of digital assets, which makes it one of the biggest NFT marketplaces. The low platform fees are also an excellent method to make more money.

Cons

Although it’s decentralized and offers one of the most diverse NFT selections, it still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.

You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been increasing over time. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.

The OpenSea ecosystem allows users to make transactions without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent charge on your sales seems 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 Nft 0210

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

OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to get started.

Does OpenSea have a support staff?

Yes, they have a support team can be reached via their contact form. Go to their website, and look at “Submit a request.”

Are you able to make money at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.

What are the costs for gas?

These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, so they fluctuate at regular intervals.

What do I need so I can use OpenSea?

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

Does OpenSea has a support team?

Yes they do have a support team that you can reach via the contact page. Go to their official website and search at “Submit a request.”

Do you have the ability to mint at OpenSea?

You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. It’s simple and free of gas but you could also check out their tutorials.

What are the costs for gas?

The gas fees refer to transaction charges 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 recurring fees. Prices are determined through the marketplace, so they change at regular intervals.

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

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