Nft Computer Science

opensea-review

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

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

If you’re looking to invest through NFTs beginning with an appropriate marketplace can give you the leverage you require. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?

Before you start this journey, we’d like to caution you. This review is a long read. If you prefer to take a look at videos instead, you can check out the channel’s review. They’ll walk you through OpenSea and its features so you’re fully aware before you dive into NFT trading.

If you like to read, let’s go over what it is before we look into its fees and what it has to 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. After, you will want to read the rest of the article for a more comprehensive review.

What is OpenSea? Nft Computer Science

OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.

The available NFTs are not only limited to art, music game items, domain names.

It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the first NFT marketplaces which is as new as cryptocurrencies.

Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.

How does OpenSea work?

If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.

For OpenSea All of the assets that are listed on the marketplace are held by the users, not by the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk losing their NFT ownership.

If the transaction is successful your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3 supported wallet.

For those who are buyers, you can use their search engine to look for NFTs you’d like to buy. They also offer filters to make your search easier.

Nft Computer Science

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

What kinds of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s have a review of each.

Music

Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.

Collectibles

Even before NFTs became popular, there were people were investing in collectibles such as baseball cards film props, or old technology.

As for NFTs, you can gather avatars, digital pets or any other characters that could be traded or collected. The rarer they are the more value they will have. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT prior to when NFT became a reality. In the present it is possible to make the same thing with digital artworks. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or videos of short length.

Trading Cards

You can also collect digital trading cards, such as those from Sorare as well as BCCG.

Sports

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

Virtual Worlds

VR environments and components can be purchased. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters, and even virtual land. A popular instance is Axie Infinity.

Utility

As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by anyone. These types are also censorship-resistant.

bitcoin-coin

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

What are the options for selling?

Selling on OpenSea is simple. All you need to do is to list them in the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and auction type and you’re ready to go.

For first-time sellers, you will be subjected to a one-time gas fee.

Currently, you can choose from 5 selling options. The choices are:

Fixed Price

The seller is the one to pay the cost for the NFT. As the name implies the price never changes.

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers typically set up very high prices. As time passes, the price will lower until it becomes 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 puts up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease as time passes. When it comes to 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 mint your own NFTs via the platform. Then you can sell them in the marketplace.

Bundles

If you are looking to sell several NFTs in one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.

crypto-trading

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

Are there any fees?

It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries make money by getting a share of the paintings sold.

With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost competitive.

However, you must be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percent.

In addition, trading on Etheruem is costly. The NFT collection will only be created as a valid, non-fungible token once your NFT bid is accepted. The costs for the process will depend on the market, but you can expect it to be about $100 per NFT.

It is also important to be aware that some NFTs charge 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 cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards for payment for or transfer funds. Nft Computer Science

The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the wallets and blockchains 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 look at the advantages and disadvantages of using OpenSea.

Pros

OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you do not have prior experience or know-how in blockchain technology or programming. Nft Computer Science

They also offer a range of digital assets, making them one of the biggest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.

Cons

Although it’s decentralized and has one of the most diverse NFT selections, it still has 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 from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.

OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as five 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 Computer Science

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

OpenSea is a mobile as well as desktop browser that users can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to begin.

Does OpenSea have a support team?

Yes they do have a support team that you can reach via its contact forms. Just go to their website, and search on the page for “Submit a request.”

Can you make money at OpenSea?

You can mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy, but you can also look over their instructional videos.

What are the gas prices?

Gas fees are transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, therefore they fluctuate from time to time.

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

OpenSea has a mobile and desktop browser users can use. When you’re using the browser through your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be topped up for you to begin.

Does OpenSea have a support team?

Yes they have a customer support team you can contact through their contact form. Visit their website, and search for “Submit a request.”

Are you able to mint at OpenSea?

You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should check out their tutorials.

What are gas fees?

These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, which means they change every now and then.

bitcoin-coins

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

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