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opensea-review

OpenSea has become one of the leading platforms for NFTs. It’s also the first one to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.

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

If you’re planning to invest using NFTs, then starting from an established marketplace will provide the leverage you require. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?

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

If you like the written word, look over the basics before we examine its costs and what it has to offer.

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

What is OpenSea? Nft Date

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

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

It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is not as old as cryptocurrency.

Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.

How does OpenSea function?

If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.

For OpenSea, all of the assets listed in the marketplace are held by the users, not the platform. Since they are an uncentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk the security of their NFT ownership.

If the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to open an account. All you require is to have a web3-enabled wallet.

For those who are buyers, you can utilize their website to find NFTs you’d like to purchase. There are filters that can aid in your search.

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

What kinds of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.

Music

Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even older technology.

As for NFTs, you can gather avatars and digital pet and other characters that can be sold or taken home. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art is always one of the most well-known NFT since before NFT came to be. In the present you can make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even small video clip clips.

Trading Cards

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

Sports

Digital items related to sports can also be collected such as animated logos of teams.

Virtual Worlds

VR environments and components can be purchased. You can purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters, and even virtual land. A popular example can be Axie Infinity.

Utility

As absurd as it may sound, you can also buy NFTs that have specific capabilities. Examples are 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.

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

What are the selling options?

Selling your products on OpenSea is simple. All you have to do is list your products on the marketplace. You only have to make sure your account is linked. Once you’ve added the price and the 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 5 selling options. The choices are:

Fixed Price

The seller will be the one to pay the price for the NFT. Like the name suggests the price never changes.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they agree on a price.

English Auction

The seller is required to put up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.

OpenSea is able to automatically approve the bid 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’re looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.

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

Are there any charges?

It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the paintings sold.

With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee reasonable.

However, you have to understand that some NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5%.

Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be minted as a valid non-fungible token 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 about $100 per NFT.

You also need to know that certain NFTs earn additional commissions. For instance, game developers receive 15 percent or more as commissions on the products they’ve sold.

What are the payment methods?

OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments or make a deposit. Nft Date

The NFTs can be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list of 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 look at the benefits and disadvantages that come with using OpenSea.

Pros

OpenSea is decentralized, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in coding or blockchain. Nft Date

They also offer several types of digital currency, which makes them one of the biggest NFT marketplaces. Low platform charges are also a good way for you to earn more income.

Cons

Although it is decentralized and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.

You will also need to create your crypto wallet to sell or buy from the platform.

Bottom Line

Just like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.

OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.

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 Date

What do I need so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to begin.

Does OpenSea have a support team?

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

Are you able to make money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.

What are gas fees?

Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, so they fluctuate every now and then.

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

OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be fully charged to start.

Does OpenSea have a support staff?

Yes they have a customer support staff that you can reach through the contact page. Just go to their website, and look for “Submit a request.”

Can you make money at OpenSea?

You can make a mint using 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, list them for auction. It’s simple and free of gas but you could also look over their instructional videos.

What are the gas prices?

Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they change every now and then.

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

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