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opensea-review

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

It’s becoming more popular because celebrities and celebrities have expressed interest. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re planning to invest with NFTs, then starting from an established marketplace will give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?

Before you begin this journey, we’d like to caution you. This review is a long read. If you’d rather watch a video instead, take a look at the review of this channel. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.

If you like the written word, look over the basics before we go over the costs 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.

What is OpenSea? Nft Bfi Southbank

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

The available NFTs are not restricted to art, music, game items, and domain names.

It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.

Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea operate?

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

For OpenSea All of the assets that are listed on this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without risking losing their NFT ownership.

That means unless 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.

If you’re a buyer you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.

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

What types of NFTs are available from OpenSea?

There are more than 200 varieties of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.

Music

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

Collectibles

Even before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even the older technologies.

In the case of NFTs, it is possible to collect avatars, virtual pets, or other characters that can be traded or collected. The rarer they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT since before NFT came to be. As of today, you can also make the same thing with digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.

Trading Cards

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

Sports

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

Virtual Worlds

VR environments and components can be purchased. It is possible to purchase these metaverses and other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. One popular example can be Axie Infinity.

Utility

As bizarre as it may sound it is possible to purchase NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut 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 on OpenSea is simple. All you have to do is to list them on the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.

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

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

Fixed Price

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

Dutch Auction

In the Dutch Auction, the seller determines a price that will fall over time. Sellers generally set expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.

English Auction

The seller is required to put up an NFT for sale and lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.

OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.

NFT Creation

You can also mint your own NFTs via the platform. They can be sold in the marketplace.

Bundles

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

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

Are there any fees?

It’s normal for crypto or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.

With OpenSea, you will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost competitive.

However, you must know that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.

In addition, trading on Etheruem could be expensive. Your NFT collection will only be created as a valid non-fungible token following the time your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.

You also need to know that some NFTs have extra commissions. For instance, game designers are paid as much as 15% commissions on the products they’ve sold.

What are the payment options?

OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need 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 to pay or deposit. Nft Bfi Southbank

The NFTs can only be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list of the blockchains and wallets that they 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 that come with using OpenSea.

Pros

OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you do not have experience or knowledge about blockchain technology or programming. Nft Bfi Southbank

They also offer a range of digital currency, making their platform one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to make more money.

Cons

Although it is decentralized and offers one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.

You will also need to create your crypto wallet to sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.

The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 %.

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 Bfi Southbank

What do I need so I can use OpenSea?

OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled up to start.

Does OpenSea have a support staff?

Yes, they have a support team that you can reach via the contact page. Visit their official website and look on the page for “Submit a request.”

Are you able to mint at OpenSea?

You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.

What are gas fees?

The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven through the marketplace, which means they fluctuate at regular intervals.

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

OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re using it through your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.

Does OpenSea has a support team?

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

Can you mint at OpenSea?

You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy to do, however you should go through their tutorials.

What are the costs for gas?

Gas fees are transaction costs 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. Prices are 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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