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opensea-review

OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.

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

If you’re looking to invest with NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?

Before you start, we’d like to warn you. This review is quite an extensive read. If you’d prefer to take a look at videos instead, you can check out this channel’s review. They’ll guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.

If you prefer the written word, look over what it is before we go over the costs and the benefits it offers.

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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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

What is OpenSea? Nft Computers

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

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

It was founded in 2018 in 2018 by 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 biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The best part about these is that they permit users to list NFTs bought or created elsewhere.

How does OpenSea function?

If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading quite similar.

For OpenSea, all of the assets that are listed on the platform are owned by the users, not by the platform. Since they’re an uncentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.

That means unless the transaction is complete the digital assets will never be removed from your wallet. In addition, you don’t have to make your account. All you need is to have a web3-enabled wallet.

For those who are buyers, you can use their browser to search for NFTs that you’d like to buy. There are filters that can make your search easier.

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

What kinds of NFTs are available from OpenSea?

There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s look at each.

Music

Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.

Collectibles

Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even old technology.

As for NFTs, you can collect avatars, virtual pets or any other characters that could be traded or acquired. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT since before NFT was invented. In the present you can make the same thing with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.

Trading Cards

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

Sports

Sports-related digital items are also available, such as animated logos of teams.

Virtual Worlds

VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things such as game items as well as the VR environment characters, virtual objects and even virtual land. A popular example is Axie Infinity.

Utility

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

Domain Names

Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from 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 your products on OpenSea is simple. All you have to do is list them on the marketplace. All you need to do is to make sure your account is linked. 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 gas fee.

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

Fixed Price

The seller is the one to charge the price of the NFT. Just as the name suggests the price never changes.

Dutch Auction

In the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers typically set up very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller will put up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.

OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.

NFT Creation

You can also create your own NFTs through the platform. Then you can sell them through the marketplace.

Bundles

If you’re looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available 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 exchanges to charge fees to access 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 earn money by getting a share of the paintings that are sold.

With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% cost affordable.

However, you must understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists also get an additional sales commission 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 following the time your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.

You also need to know that some NFTs charge extra commissions. For instance, game developers get as much as 15% as commissions for the items they’ve sold.

What are the payment options?

OpenSea cannot accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments for or make a deposit. Nft Computers

The NFTs can be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with 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 look at the advantages and disadvantages when using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. Nft Computers

They also provide a variety of digital currency, making their platform one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.

Cons

Although it is open source and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.

You will also need to set up your own crypto wallet to sell or purchase from the platform.

Bottom Line

Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.

The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as five percent.

All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.

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

FAQ Nft Computers

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

OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled up to begin.

Does OpenSea have a support team?

Yes they do have a support team that you can contact through the contact page. Go to their official website and look for “Submit a request.”

Are you able to earn money at OpenSea?

You can mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to do, however you should check out their tutorials.

What are gas fees?

These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, therefore they constantly change at regular intervals.

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

OpenSea has a mobile and desktop browser users can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to start.

Does OpenSea have a support team?

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

Do you have the ability to mint at OpenSea?

You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also check out their tutorials.

What are the gas prices?

These are transactions costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, therefore they fluctuate at regular intervals.

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

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