Nft Card

opensea-review

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

It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art becomes more digitalized, NFT becomes more lucrative.

If you’re set on investing through NFTs, then starting from an appropriate marketplace can give you the leverage you need. This is the reason we created 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 take a look at a video instead, check out the review of this channel. They will guide you through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.

For those who prefer the written word, go over the basics before we look into its fees and what it has to offer.

opensea-logo

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

What is OpenSea? Nft Card

OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.

The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.

It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.

Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.

How does OpenSea operate?

If you’ve ever been selling or buying with cryptocurrency You’ll see NFT trading quite similar.

For OpenSea, all of the assets on the platform are owned by the users, not the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.

If 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 possess a wallet that is compatible with web3.

If you’re a buyer, you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.

Nft Card

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

What kinds of NFTs can you purchase from OpenSea?

There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.

Music

Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.

Collectibles

Before NFTs were popular, a few people invested in collectibles such as baseball cards, movie props, or even old technology.

For NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or collected. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT since before NFT came to be. Today, you can also do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs images, photos, or short video clips.

Trading Cards

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

Sports

The digital objects associated with sports can also be collected for example, animated logos of teams.

Virtual Worlds

VR environments and components can be purchased. You can buy these metaverses and other things like game elements as well as the VR environment virtual objects, characters or even virtual worlds. A popular 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 are now considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.

bitcoin-coin

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

What are the selling options?

Selling on OpenSea is easy. All you have to do is list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.

For first-time sellers you will be subject to a one-time fee for gas.

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

Fixed Price

The seller will be the one who will be charged the price that is the NFT. Like the name suggests, it never changes.

Dutch Auction

In the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers typically set up very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a price.

English Auction

The seller puts 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 over time. In the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.

OpenSea will automatically accept the transaction if the auction ends above 1 Etherium.

NFT Creation

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

Bundles

If you want to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available within the package.

crypto-trading

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

Are there any additional fees?

It’s normal for crypto or NFT marketplaces to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.

With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee affordable.

But, it is important to know that certain NFTs charge higher transaction costs compared to others. This can vary between each 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 only be minted as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.

You also need to know that some NFTs have additional commissions. For example, game developers are paid 15 percent or more as commissions for the items they’ve sold.

What are the payment methods?

OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment for or deposit. Nft Card

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

Pros

OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Nft Card

They also offer a range of digital currency, making them one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to earn more income.

Cons

Although it’s decentralized and offers one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.

It is also necessary to set up your own crypto wallet to sell or purchase on the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.

OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.

All in all, 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 Card

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

OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to begin.

Does OpenSea have a support team?

Yes, they have a support team can be reached via their contact form. Visit their website, and look at “Submit a request.”

Can you mint at OpenSea?

You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.

What are the gas prices?

The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they constantly change at regular intervals.

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

OpenSea is a mobile as well as desktop browser users can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to begin.

Does OpenSea have a support team?

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

Do you have the ability to earn money at OpenSea?

You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free but you could also look over their instructional videos.

What are the costs for gas?

These are transactions 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. Prices are determined through the marketplace, so they constantly change at regular intervals.

bitcoin-coins

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

error: Content is protected !!