Nft Dimensions

opensea-review

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

It’s becoming more popular because celebrities and famous personalities have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.

If you’re set on investing through NFTs beginning with an established marketplace will help you get the leverage you need. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it suitable for you?

Before you start, we’d like to warn you. This review is an extensive read. If you prefer to watch a video instead, take a look at the channel’s review. They will guide you through OpenSea and its functions so that you understand everything before you jump in with NFT trading.

If you prefer reading, we’ll go over the basics before we examine its costs and the benefits it offers.

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Before you go on, 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 the article for a more comprehensive review.

What is OpenSea? Nft Dimensions

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

The NFTs that are available aren’t limited to music, art game items, domain names.

It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is as new as cryptocurrencies.

It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.

How does OpenSea function?

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

For OpenSea, all of the assets on this platform belong to users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.

If the transaction is completed your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.

In the event that you’re buying you can use their search engine to find NFTs you’d like to purchase. They also have filters available to simplify your search.

Nft Dimensions

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

What kinds of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs available to buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.

Music

Music could be among the most popular NFTs of all time. It’s not limited to songs only; 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 various other sound effects.

Collectibles

Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards movie props, or even old technology.

In the case of NFTs, you can gather avatars, virtual pets or other characters that can be traded or collected. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art is always one of the most sought-after NFT prior to when NFT came to be. As of today you can create digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.

Trading Cards

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

Sports

Digital items related to sports are also available, such as animated team logos.

Virtual Worlds

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

Utility

As far-fetched as it sounds there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.

Domain Names

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

bitcoin-coin

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

What are the selling options?

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

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

You can currently select from 5 selling options. The choices are:

Fixed Price

The seller is the one to pay the price that is the NFT. Like the name suggests it is not subject to change.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over time. Sellers generally set high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold once they agree on a price.

English Auction

The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.

OpenSea can automatically take over the payment in the event that the auction is over 1 Etherium.

NFT Creation

You can also create your own NFTs via the platform. You can then sell them on the marketplace.

Bundles

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

crypto-trading

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

Are there any fees?

It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.

With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost reasonable.

But, it is important to be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percent.

Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be minted as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will depend on the market, but you can anticipate that it will be around $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 commissions for the items they’ve sold.

What are the methods of payment?

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 be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments or deposit. Nft Dimensions

The NFTs can be purchased or sold when 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 take a look at the advantages and disadvantages of using OpenSea.

Pros

OpenSea has no centralization, which makes transactions safe and nearly impossible to get scammed. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Nft Dimensions

They also offer a range of digital currency, which makes them one of the biggest NFT marketplaces. Low platform fees are also an excellent method to make more money.

Cons

Although it is open source and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.

Additionally, you will need to create your crypto wallet to sell or purchase from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.

OpenSea’s ecosystem allows its customers to conduct transactions without worrying about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 percent.

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

crypto-coins

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

FAQ Nft Dimensions

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

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

Does OpenSea have a support team?

Yes, they have a support team can be reached via the contact page. Visit their official website and look at “Submit a request.”

Can you mint at OpenSea?

You can mint at OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. This is a simple and low-cost method to do, however you should look over their instructional videos.

What are gas fees?

Gas fees are transaction costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, which means they change from time to time.

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 use. When you’re using the browser with your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to begin.

Does OpenSea have a support team?

Yes they do 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 make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. If you’re ready for selling them, list them for sale. This is gas-free and easy but you could also look over their instructional videos.

What are the gas prices?

Gas fees are transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, so they fluctuate at regular intervals.

bitcoin-coins

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

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