Nft Collection

opensea-review

OpenSea has become one of the most popular platforms for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.

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

If you’re planning to invest through NFTs, then starting from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?

Before you begin, we’d like to warn you. This review is quite lengthy. If you’d prefer to take a look at a video instead, you can check out the review of this channel. They’ll guide you through OpenSea and its features so that you understand everything before you dive into NFT trading.

If you prefer the written word, look through what it is prior to we look into its fees and what it can offer.

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

What is OpenSea? Nft Collection

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

The NFTs available are not 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 began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is similar to cryptocurrency.

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

How does OpenSea work?

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

For OpenSea All of the assets on this platform belong to the users, not by the platform. Since they are an open marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking losing their NFT ownership.

If the transaction is completed your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.

If you’re a buyer you can utilize their website to search for NFTs that you’d like to purchase. There are filters that can aid in your search.

Nft Collection

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

What types of NFTs are available from OpenSea?

There are around 200 kinds of NFTs you can purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s have a examine each.

Music

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

Collectibles

Even before NFTs became popular, some people invested in collectibles such as baseball cards, film props, and even the older technologies.

For NFTs, you can gather avatars, digital pets, or other characters that can be traded or acquired. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most sought-after NFT prior to when NFT came to be. Today you can make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs, images, or even videos of short length.

Trading Cards

There is also the possibility of collecting digital trading cards like the ones from Sorare and BCCG.

Sports

Digital items related to sports can also be collected, like animated logos of teams.

Virtual Worlds

VR spaces and elements can be purchased. You can buy these metaverses and other things like game objects, the VR environment, virtual objects, characters, or even virtual worlds. A popular example is Axie Infinity.

Utility

As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can now also be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.

bitcoin-coin

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

What are the options for selling?

Selling your products on OpenSea is simple. All you need to do is to list them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.

If you are a first-time seller, you will be subjected to a single-use gas charge.

At present, you can select from five options for selling. The choices are:

Fixed Price

The seller will be the one to pay the cost of the NFT. Just as the name suggests, it never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers typically set up very high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.

English Auction

The seller will put up an NFT for sale and will list the minimum price. This is different from the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells it 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 through the platform. They can be sold in the marketplace.

Bundles

If you’re looking to sell multiple NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.

crypto-trading

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

Are there any charges?

It’s normal for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.

With OpenSea you only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee affordable.

But, it is important to understand that some NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.

Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid non-fungible token once your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can expect it to be in the range of $100 for each NFT.

Also, you should know that certain NFTs earn additional commissions. For example, game developers receive up to 15% as commissions for items they’ve sold.

What are the payment options?

OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit and debit card to make payments or deposit. Nft Collection

The NFTs can only be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can 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 secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Nft Collection

They also offer a range of digital assets, which makes their platform one of the largest NFT marketplaces. The low platform costs are also a great way for you to earn more income.

Cons

Although it’s decentralized and offers one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.

It is also necessary to create your cryptocurrency wallet in order to sell or buy from the platform.

Bottom Line

Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.

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

Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.

crypto-coins

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

FAQ Nft Collection

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

OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to get started.

Does OpenSea have a support staff?

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

Do you have the ability to mint at OpenSea?

You can mint at OpenSea. All you need be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.

What are gas fees?

Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined by the market, so they fluctuate every now and then.

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

OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be fully charged to begin.

Does OpenSea have a support staff?

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

Do you have the ability to mint at OpenSea?

You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. If you’re ready for selling them, list them for sale. It’s simple and free of gas, but you can also look over their instructional videos.

What are gas fees?

The gas fees refer to transaction fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate at regular intervals.

bitcoin-coins

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

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