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opensea-review

OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after 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 and want to start from an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice 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, check out this channel’s review. They’ll walk users through OpenSea and its features so that you understand everything before you jump in with NFT trading.

For those who prefer reading, we’ll go through what it is prior to we go over the costs and what it can offer.

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

What is OpenSea? Nft 801 Office

OpenSea offers a market for 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 limited to music, art game items, domain names.

It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces which is as new as cryptocurrencies.

Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.

How does OpenSea work?

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

For OpenSea All of the assets listed in the marketplace are held by the users, not by the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.

That means unless the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.

For those who are buyers, you can use their search engine to find NFTs you’d like to buy. There are filters that can make your search easier.

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

What types of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s review of each.

Music

Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.

Collectibles

Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even the older technologies.

In the case of NFTs, you can collect avatars, virtual pets, or other characters that can be traded or collected. The rarer they are the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT prior to when NFT became a reality. In the present, you can also make the same thing with digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.

Trading Cards

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

Sports

The digital objects associated with sports are also available, such as animated logos of teams.

Virtual Worlds

VR environments and components can now also be bought. You can buy these metaverses, or other items like game objects, the VR environment, characters, virtual objects or even virtual lands. A popular example can be Axie Infinity.

Utility

As far-fetched as it sounds there are also NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites are now classified 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 options for selling?

Selling your products on OpenSea is simple. All you have to do is list them in the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.

If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.

At present, you can select from five options for selling. The choices are:

Fixed Price

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

Dutch Auction

For the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers usually set very expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they agree on a price.

English Auction

The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.

OpenSea will automatically accept the payment when the auction closes above 1 Etherium.

NFT Creation

You can also create your own NFTs using the platform. You can then sell them in the marketplace.

Bundles

If you’re looking to sell multiple NFTs in 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 charges?

It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings sold.

With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost competitive.

However, you must understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5%.

In addition, trading on Etheruem is costly. Your NFT collection will only be created as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate that it will be in the range of $100 for each NFT.

It is also important to be aware that some NFTs charge additional commissions. For example, game developers get 15 percent or more commissions for the items they’ve sold.

What are the payment options?

OpenSea cannot accept conventional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit, debit, or debit cards for payment for or transfer funds. Nft 801 Office

The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that 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 disadvantages that come with using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if there is no experience or knowledge about blockchain or coding. Nft 801 Office

They also provide a variety of digital asset, which makes them one of the most popular NFT marketplaces. The low platform charges are also a good method to make more money.

Cons

While it is open source and has one of the most diverse NFT selections, it still has 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.

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

Bottom Line

Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.

OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces 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 801 Office

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

OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to get started.

Does OpenSea has a support team?

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

Can you earn money at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also look over their instructional videos.

What are the costs for gas?

Gas fees are transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven by the market, so they constantly change at regular intervals.

What do I need so I can use OpenSea?

OpenSea offers a mobile and desktop browser you can use. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to begin.

Does OpenSea have a support staff?

Yes they do have a support staff that you can reach through the contact page. Visit the official site and search at “Submit a request.”

Can you mint at OpenSea?

You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.

What are the costs for gas?

These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they fluctuate from time to time.

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

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