Nft 2N

opensea-review

OpenSea has become one of the top markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.

It’s even more popular since celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest using NFTs, then starting from an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?

Before you begin, we’d like to warn you. This review is quite lengthy. If you’d prefer to take a look at videos instead, take a look at this channel’s review. They will guide you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.

If you prefer to read, let’s go 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 watch 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 2N

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

The NFTs available are not only limited to art, music, game items, and 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 collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.

It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.

How does OpenSea operate?

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

For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.

If the transaction is complete, your digital assets won’t leave your account. In addition, you don’t have to make your account. All you require is to possess a wallet that is compatible with web3.

In the event that you’re buying, you can utilize their website to search for NFTs that you’d like to buy. They also offer filters to simplify 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 available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.

Music

Music is among the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist has to offer. You can also purchase 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, and even the older technologies.

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

Art

Art is always one of the most popular NFT prior to when NFT became a reality. Today, you can also do the same with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.

Trading Cards

You can also collect digital trading cards, such as those from Sorare or BCCG.

Sports

Sports-related digital items can also be collected, such as animated logos of teams.

Virtual Worlds

VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game objects and the VR environment characters, virtual objects or even virtual lands. One popular instance can be Axie Infinity.

Utility

As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered as NFT. You can buy blockchain-based names 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 selling options?

Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. You only have to ensure your account is linked. Once you’ve added your price and auction type then you’re all set.

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

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

Fixed Price

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

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.

English Auction

The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.

OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.

NFT Creation

You can also create your own NFTs using the platform. They can be sold in the marketplace.

Bundles

If you want to sell several NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.

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

Are there any fees?

It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings that are sold.

With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost affordable.

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 of the required 2.5 percent.

Furthermore, transactions to Etheruem is costly. The NFT collection will only be created as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will depend on the market, but you can expect it to be around $100 per NFT.

Also, you should know that some NFTs charge additional commissions. For example, game developers are paid up to 15% as commissions for the items they’ve sold.

What are the methods of payment?

OpenSea cannot accept conventional currencies 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 make use of PayPal, credit, or debit cards for payment or make a deposit. Nft 2N

The NFTs can only be bought or sold if 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 look at the advantages and drawbacks of using OpenSea.

Pros

OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in coding or blockchain. Nft 2N

They also provide a variety of digital currency, making their platform one of the largest NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.

Cons

Although it is decentralized and offers one of the most diverse NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like 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

Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.

The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.

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

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

FAQ Nft 2N

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

OpenSea has a mobile and desktop browser users can utilize. If you’re using it on your mobile phone, the browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be filled up to start.

Does OpenSea has a support team?

Yes, they have a support staff that you can reach via their contact form. Go to their website, and search at “Submit a request.”

Are you able to make money at OpenSea?

You can make a mint using OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.

What are the gas prices?

Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined in accordance with the current market conditions, therefore they change from time to time.

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

OpenSea offers a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to start.

Does OpenSea have a support staff?

Yes they have a customer 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 make money at OpenSea?

You can make a mint using OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas to do, however you should check out their tutorials.

What are the costs for gas?

The gas fees refer to transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, so they fluctuate every now and then.

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

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