Nft Atlanta Paul Francis

opensea-review

OpenSea has grown to become one of the leading platforms for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.

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

If you’re set on investing through NFTs and want to start from an established marketplace will help you get the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it right for you?

Before you go on, we’d like to warn you. This review is quite lengthy. If you’d rather watch videos instead, you can check out the channel’s review. They’ll walk users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.

If you prefer the written word, go through what it is prior to we go over the costs and what it can offer.

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Before you go on, you may want to check out 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.

What is OpenSea? Nft Atlanta Paul Francis

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

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

It was created 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 collectibles. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.

Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.

How does OpenSea work?

If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.

For OpenSea The majority of the assets listed in this platform belong to users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.

That means unless the transaction is successful the digital assets will never leave your account. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.

If you’re a buyer you can use their browser to look for NFTs you’d like to purchase. They also offer filters to 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 more than 200 varieties of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s look at each.

Music

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

Collectibles

Even before NFTs became popular, there were people invested in collectibles like baseball cards, film props, or older technology.

As for NFTs, you can collect avatars and digital pet, and other characters that can be sold or acquired. The rarer they are, the greater value they have. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT, even before NFT became a reality. In the present, you can also make the same thing with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.

Trading Cards

There is also the possibility of collecting digital trading cards, such as those from Sorare as well as BCCG.

Sports

Digital items related to sports can also be collected such as animated team logos.

Virtual Worlds

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

Utility

As far-fetched as it sounds it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to shut down from anyone. 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 easy. All you have to do is list them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and auction type, you’re good to go.

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

You can currently select from 5 selling options. They are:

Fixed Price

The seller will be the one to charge the price for the NFT. As the name implies the price never changes.

Dutch Auction

For the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers generally set expensive prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.

OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.

NFT Creation

You can also create your own NFTs via the platform. They can be sold through the marketplace.

Bundles

If you are looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by 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’s common for cryptocurrency or NFT marketplaces to impose charges to use the platform. While the fee charged varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. This is similar to how traditional art galleries generate income through a portion of the paintings sold.

With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% cost reasonable.

But, it is important to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percentage.

Additionally, transacting to Etheruem is costly. The NFT collection will be issued as a valid, non-fungible token once your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.

Also, you should know that some NFTs charge extra commissions. For instance, game developers get 15 percent or more commissions for items they’ve sold.

What are the methods of payment?

OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment for or transfer funds. Nft Atlanta Paul Francis

The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets 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 benefits and disadvantages when using OpenSea.

Pros

OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. Nft Atlanta Paul Francis

They also offer a range of digital asset, which makes it one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to earn more income.

Cons

Although it is decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a 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 establish a crypto wallet to either sell or purchase on the platform.

Bottom Line

Like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with financial decentralization.

The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.

Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.

crypto-coins

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

FAQ Nft Atlanta Paul Francis

What are the requirements I must meet before I can make use of OpenSea?

OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to get started.

Does OpenSea have a support team?

Yes, they have a support staff that can be reached via its contact forms. Just go to their website, and look at “Submit a request.”

Are you able to mint at OpenSea?

You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up 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 fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they fluctuate from time to time.

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

OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to begin.

Does OpenSea has a support team?

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

Are you able to mint 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. If you’re ready for selling the items, post them for sale. This is gas-free and easy but you could also check out their tutorials.

What are the costs for gas?

Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, so they constantly change from time to time.

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

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