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opensea-review

OpenSea has become one of the most popular marketplaces for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.

It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.

If you’re looking to invest with NFTs beginning with a good marketplace can give you the leverage you need. That’s why we made this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?

Before you start, we’d like to warn you. This review is a long read. If you’d prefer to watch a video instead, check out this channel’s review. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.

If you prefer reading, we’ll go over what it is before we look into its fees 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Contrast

OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them 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 one of the very first NFT marketplaces and a concept similar to cryptocurrency.

Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.

How does OpenSea operate?

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

For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk the security of their NFT ownership.

That means unless the transaction is complete the digital assets won’t leave your wallet. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.

If you’re a buyer, you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.

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

What kinds of NFTs are available from OpenSea?

There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.

Music

Music may be one of the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.

Collectibles

Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or the older technologies.

As for NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or collected. The more rare they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most sought-after NFT, even before NFT was invented. As of today you can make the same thing with digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.

Trading Cards

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

Sports

The digital objects associated with sports are also available, such as animated logos of teams.

Virtual Worlds

VR environments and components can now also be bought. You can purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters or even virtual worlds. One popular illustration could be Axie Infinity.

Utility

As bizarre as it may sound there are also NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites are now 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.

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

What are the selling options?

Selling on OpenSea is easy. All you need to do is post them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and auction type then you’re all set.

For first-time sellers you will be subject 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 who will be charged the price that is the NFT. As the name implies, it never changes.

Dutch Auction

For the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT is sold after they reach an agreement on the price.

English Auction

The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops with time. The English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.

OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.

NFT Creation

You can also mint your own NFTs using the platform. Then you can sell them on the marketplace.

Bundles

If you want to sell several NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.

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

Are there any fees?

It is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings sold.

With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% cost reasonable.

But, it is important to know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percent.

Furthermore, transactions to Etheruem could be expensive. Your NFT collection will be minted as a valid, non-fungible token once 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 in the range of $100 for each NFT.

It is also important to be aware that some NFTs have extra commissions. For instance, game developers are paid up to 15% as commissions for the items they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal credit and debit card to make payments or deposit. Nft Contrast

The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 take a look at the advantages and drawbacks of using OpenSea.

Pros

OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have experience or knowledge about blockchain technology or programming. Nft Contrast

They also offer several types of digital asset, which makes them one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.

Cons

Although it is decentralized and offers one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support and no support for transactions using currencies such as 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 have also been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with decentralized finance.

The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 percent.

Overall, OpenSea is an excellent marketplace for NFT trading beginners or professionals.

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

FAQ Nft Contrast

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

OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to start.

Does OpenSea have a support team?

Yes, they have a support team you can reach via its contact forms. Go to their website, and search on the page for “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 then add the item to your collection. If you’re ready for selling 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 fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, so they constantly change at regular intervals.

What do I need so I can use OpenSea?

OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it on your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to begin.

Does OpenSea has a support team?

Yes they have a customer support team that you can reach through its contact forms. Visit their website, and search at “Submit a request.”

Can you mint at OpenSea?

You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free, but you can also look over their instructional videos.

What are the gas prices?

The gas fees refer to transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, which means they fluctuate every now and then.

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

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