Nft 2

opensea-review

OpenSea has become one of the top platforms for NFTs. It was the first to introduce a platform of this kind in the past. It has seen rapid growth as blockchain and NFT become more popular investments.

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

If you’re planning to invest with NFTs, then starting from an established marketplace will provide the leverage you require. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?

Before you go on, we’d like to warn you. This review is an extensive read. If you’d rather watch a video instead, take a look at the review of this channel. They’ll walk the user through OpenSea and its features so that you understand everything before you jump in with NFT trading.

If you prefer to read, let’s look over the basics before we look into its fees and the benefits it offers.

opensea-logo

Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Nft 2

OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell 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 founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.

Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about them is that they allow users to sell NFTs bought or created elsewhere.

How does OpenSea work?

If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.

For OpenSea All of the assets listed in this platform belong to users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.

If the transaction is successful, your digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.

For those who are buyers you can use their search engine to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.

Nft 2

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

What types of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.

Music

Music could be among the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.

Collectibles

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

For NFTs, you can collect avatars and digital pet, or any other characters that could be traded or acquired. The rarer 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 well-known NFT prior to when NFT came to be. In the present you can do the same with digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs images, photos, or videos of short length.

Trading Cards

It is also possible to collect digital trading cards such as the ones from 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. You can buy these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual worlds. A popular illustration can be Axie Infinity.

Utility

As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down by any person. These types are also censorship-resistant.

bitcoin-coin

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

What are the options for selling?

Selling your products on OpenSea is simple. All you have to do is post them on the marketplace. It’s all you have to do is ensure your account is linked. Once you’ve added your price and type of auction and you’re ready to go.

For the first time sellers you will be subject to a single-use gas charge.

At present, you can select from 5 selling options. These are:

Fixed Price

The seller is the one to charge the cost of the NFT. Like the name suggests, it never changes.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall over time. Sellers generally set high prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they reach an agreement on the price.

English Auction

The seller is required to put up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price decreases with time. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.

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

NFT Creation

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

Bundles

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

crypto-trading

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

Are there any charges?

It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. This is similar to how traditional art galleries generate income by getting a share of the artworks sold.

With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent cost competitive.

However, you must know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.

Furthermore, transactions to Etheruem can be costly. Your NFT collection will be minted as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will be based on the market conditions, however 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 example, game developers get as much as 15% commissions for items they’ve sold.

What are the payment methods?

OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal, credit, or debit cards to pay for or transfer funds. Nft 2

The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using 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 drawbacks when using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft 2

They also offer several types of digital asset, making them one of the most popular NFT marketplaces. Low platform costs are also a great way for you to earn more income.

Cons

Although it’s decentralized and offers one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.

Additionally, you will need to create your crypto wallet to sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea provides 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 the decentralized finance.

The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.

Overall, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.

crypto-coins

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

FAQ Nft 2

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

OpenSea offers a mobile and desktop browser you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to get started.

Does OpenSea have a support team?

Yes they have a customer support team you can contact through its contact forms. Go to their official website and look for “Submit a request.”

Are you able to make money at OpenSea?

You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. 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 charges 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 periodic fees. The prices are driven through the marketplace, therefore they fluctuate at regular intervals.

What do I need so I can use OpenSea?

OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to start.

Does OpenSea have a support team?

Yes they have a customer support staff that you can reach via its contact forms. Go to their website, and look on the page for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. This is gas-free and easy to do, however you should check out their tutorials.

What are the costs for gas?

The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven through the marketplace, therefore they change every now and then.

bitcoin-coins

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

Nft-2

opensea-review

OpenSea has become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has experienced 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 enthusiasm. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest with NFTs and want to start from a good marketplace can give you the leverage you require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?

Before you go on this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to watch videos instead, take a look at the channel’s review. They’ll guide the user 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 look through what it is prior to we look into its fees and what it can offer.

opensea-logo

Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft-2

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

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

It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.

Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.

What is the process behind OpenSea work?

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

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

That means unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.

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

Nft-2

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

What kinds of NFTs are available from OpenSea?

There are about 200 types of NFTs you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a review of each.

Music

Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.

Collectibles

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

For NFTs, you can gather avatars, digital pets, or any other characters that could be sold or acquired. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT since before NFT was invented. In the present you can do the same with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as small video clip clips.

Trading Cards

You can also collect digital trading cards like those from Sorare as well as BCCG.

Sports

Digital items related to sports are also available, such as animated team logos.

Virtual Worlds

VR environments and components can now also be bought. You can purchase these metaverses or other things like game objects, the VR environment, characters, virtual objects or even virtual worlds. One popular example can be Axie Infinity.

Utility

As bizarre as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites can be classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from any person. 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 easy. All you have to do is post them on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added the price and the type of auction, you’re good to go.

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

You can currently select among five selling options. The choices are:

Fixed Price

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

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will decrease in time. Sellers generally set expensive 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 is sold after they have agreed on a price.

English Auction

The seller puts up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.

OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.

NFT Creation

You can also mint your own NFTs via the platform. You can then sell them in the marketplace.

Bundles

If you want to sell several NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items are available within the package.

crypto-trading

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

Are there any fees?

It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings sold.

With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent cost affordable.

However, you must be aware that certain 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 of the required 2.5 percent.

In addition, trading on Etheruem can be costly. Your NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will vary based on the market, but you can expect it to be about $100 per NFT.

Also, you should know that certain NFTs earn extra commissions. For instance, game designers receive as much as 15% commissions on the products they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards for payment or make a deposit. Nft-2

The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 benefits and disadvantages 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 do not have prior experience or know-how in coding or blockchain. Nft-2

They also offer several types of digital asset, making it one of the largest NFT marketplaces. The low platform charges are also a good method to earn more income.

Cons

Although it’s decentralized and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.

You will also need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.

The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as five percent.

Overall, OpenSea is an excellent marketplace for NFT traders and professionals.

crypto-coins

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

FAQ Nft-2

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

OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to begin.

Does OpenSea have a support team?

Yes, they have a support staff that you can reach via the contact page. Go to the official site and search at “Submit a request.”

Are you able to earn money at OpenSea?

You can make a mint using OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. This is a simple and low-cost method, but you can also check out their tutorials.

What are gas fees?

Gas fees are transaction costs that are charged by 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 by the market, so they change every now and then.

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

OpenSea is a mobile as well as desktop browser that you can utilize. In the event that you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to get started.

Does OpenSea has a support team?

Yes they have a customer support staff that you can reach via the contact page. Go to their website, and look for “Submit a request.”

Can you make money at OpenSea?

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

What are the gas prices?

The gas fees refer to transaction costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they constantly change from time to time.

bitcoin-coins

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

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