Nft Airport

opensea-review

OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to release such a platform over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.

It’s also more well-known since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.

If you’re looking to invest using NFTs, then starting from a good marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it right for you?

Before you go on our review, we’d like warn you. This review is quite a long read. If you’d rather watch videos instead, take a look at the channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you dive into NFT trading.

For those who prefer reading, we’ll go over what it is before we look into its fees and what it has to 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Airport

OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.

The available NFTs are not only limited to art, music games, or game products, as well as domain names.

It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. 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 are constantly growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.

How does OpenSea operate?

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

For OpenSea The majority of the assets on the marketplace are held by the users, not the platform. Since they’re a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.

If the transaction is successful, your digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you need is to have a web3 supported wallet.

If you’re a buyer you can use their browser to look for NFTs you’d prefer to purchase. They also offer filters to simplify your search.

Nft Airport

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

What types of NFTs are available to purchase from OpenSea?

There are more than 200 varieties of NFTs available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s review of each.

Music

Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. Some even buy 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 the older technologies.

For NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or taken home. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT since before NFT was invented. Today, you can also make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even videos of short length.

Trading Cards

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

Sports

Digital items related to sports are also available, like animated logos of teams.

Virtual Worlds

VR space and other elements can be purchased. You can buy these metaverses or other things like game objects as well as the VR environment virtual objects, characters, and even virtual land. A well-known illustration can be Axie Infinity.

Utility

As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are 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 shut down by 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 easy. All you need to do is list your products on the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and type of auction then you’re all set.

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

You can currently select from five options for selling. These are:

Fixed Price

The seller is the one to pay the price for the NFT. Like the name suggests the price never changes.

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold once 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 over time. When it comes to the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.

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 through the platform. You can then sell them through the marketplace.

Bundles

If you want to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.

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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 fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular art galleries generate income through a portion of the artworks sold.

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

But, it is important to know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.

Additionally, transacting to Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market, but you can anticipate it to be about $100 per NFT.

You also need to know that certain NFTs earn additional commissions. For instance, game designers are paid up to 15% commissions on the products they’ve sold.

What are the methods of payment?

OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary 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, debit, or debit cards to pay or make a deposit. Nft Airport

The NFTs can only be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of 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 of using OpenSea.

Pros

OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Nft Airport

They also offer a range of digital assets, which makes it one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.

Cons

While it is decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.

It is also necessary to establish a crypto wallet to sell or buy from the platform.

Bottom Line

Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a wide 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 worrying about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as 5 percent.

In the end, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.

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

FAQ Nft Airport

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 trying it through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to start.

Does OpenSea have a support team?

Yes they do have a support team that you can contact through its contact forms. Go to the official site and search at “Submit a request.”

Can you earn money at OpenSea?

You can mint at OpenSea. All you need 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 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 charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, therefore they constantly change every now and then.

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

OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to get started.

Does OpenSea have a support staff?

Yes they have a customer support staff that you can reach through their contact form. Just go to the official site and search for “Submit a request.”

Can you earn money at OpenSea?

You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.

What are the costs for gas?

Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, which means they change every now and then.

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

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