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opensea-review

OpenSea has become one of the leading markets for NFTs. It’s also the first one to introduce a platform of this kind over the years. It’s seen rapid growth since blockchain and NFT become more popular investments.

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

If you’re planning to invest with NFTs and want to start from an appropriate marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?

Before you begin our review, we’d like warn you. This review is a long read. If you prefer to watch videos instead, take a look at the channel’s review. They will guide you through OpenSea and its functions so you’re aware of everything before you begin NFT trading.

For those who prefer the written word, go over the basics before we look into its fees and the benefits it offers.

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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.

What is OpenSea? Nft Aquaponics Rain Gutter Strawberries

OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.

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

It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.

Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. One of the best things about them is that they allow users to list NFTs purchased or made elsewhere.

How does OpenSea work?

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

For OpenSea All of the assets that are listed on the marketplace are held by the users, not by the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.

This means that unless the transaction is complete the digital assets will never leave your account. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.

If you’re a buyer, you can use their search engine to search for NFTs that you’d like to buy. They also offer filters to aid in your search.

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> > 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 purchase through OpenSea. Here are eight categories in which they usually belong. Let’s examine each.

Music

Music is among the most popular NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various 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 older technology.

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

Art

Art has always been one of the most well-known NFT since before NFT came to be. In the present you can do the same with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or videos of short length.

Trading Cards

It is also possible to collect digital trading cards, such as those from Sorare or BCCG.

Sports

The digital objects associated with sports can also be collected, such as animated team logos.

Virtual Worlds

VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters or even virtual worlds. A well-known instance could be Axie Infinity.

Utility

As far-fetched as it sounds there are also NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites can be considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from 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 on OpenSea is simple. All you need to do is list them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.

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

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

Fixed Price

The seller is the one who will be charged the cost for the NFT. As the name implies the price never changes.

Dutch Auction

For an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers usually set very high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold once they agree on a price.

English Auction

The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price decreases over time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.

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

NFT Creation

You can also mint your own NFTs using the platform. Then you can sell them through the marketplace.

Bundles

If you’re looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 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 impose charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales price paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings that are sold.

With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees or other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent cost competitive.

But, it is important to 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 on sales, apart from the standard 2.5%.

Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be issued as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.

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

What are the payment options?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments or transfer funds. Nft Aquaponics Rain Gutter Strawberries

The NFTs can 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 examine 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 experience or knowledge about coding or blockchain. Nft Aquaponics Rain Gutter Strawberries

They also provide a variety of digital assets, which makes their platform one of the biggest NFT marketplaces. The low platform fees are also an excellent way for you 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 payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.

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

Bottom Line

Just like cryptocurrencies NFTs are also growing over the years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.

The OpenSea ecosystem allows users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5% fee on sales is reasonableconsidering that some marketplaces may charge as much as five 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 Aquaponics Rain Gutter Strawberries

What do I need 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 mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled up to begin.

Does OpenSea have a support team?

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

Are you able to mint at OpenSea?

You can mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.

What are the gas prices?

Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they constantly change every now and then.

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

OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to get started.

Does OpenSea have a support team?

Yes they do have a support team that you can contact through their contact form. Go to their official website and search for “Submit a request.”

Are you able to make money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy but you could also go through their tutorials.

What are the costs for gas?

Gas fees are transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, which means they change at regular intervals.

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

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