Nft Disease

opensea-review

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

It’s even more popular since celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.

If you’re looking to invest through NFTs, then starting from an established marketplace will provide the leverage you need. That’s why we made this review – OpenSea is always the most popular NFT marketplace. But is it the right choice for you?

Before you start our review, we’d like warn you. This review is lengthy. If you’d rather watch a video instead, check out the review of this channel. They will guide you through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.

If you like reading, we’ll go over what it is before we examine its costs and the benefits it offers.

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

What is OpenSea? Nft Disease

OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.

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

It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.

Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs bought or created elsewhere.

How does OpenSea operate?

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

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

If the transaction is completed, your digital assets won’t leave your wallet. Moreover, you aren’t required to open an account. All you need is to have a web3-enabled wallet.

If you’re a buyer, you can use their search engine to look for NFTs you’d like to buy. They also offer filters to simplify your search.

Nft Disease

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

What types of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs available to buy from OpenSea. Here are 8 categories where they usually belong. Let’s take a closer review of each.

Music

Music is among the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.

Collectibles

Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even old technology.

For NFTs, you can collect avatars, virtual pets, and other characters that can be sold 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 one of the most popular NFT since before NFT came to be. Today it is possible to make the same thing with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.

Trading Cards

It is also possible to collect digital trading cards like the ones from Sorare or BCCG.

Sports

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

Virtual Worlds

VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters, or even virtual worlds. A well-known instance is Axie Infinity.

Utility

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

Domain Names

Websites can be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by any person. These types are also censorship-resistant.

bitcoin-coin

> > 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. It’s all you have to do is make sure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.

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

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

Fixed Price

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

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall in time. Sellers typically set up very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT is sold after they agree on a price.

English Auction

The seller will put up an NFT for sale and will list the minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.

OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.

NFT Creation

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

Bundles

If you’re looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be listed within the package.

crypto-trading

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

Are there any additional fees?

It is common for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings sold.

With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 percent cost competitive.

However, you must be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percent.

Furthermore, transactions to Etheruem can be costly. The NFT collection will be created as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market, but you can anticipate it to be in the range of $100 for each NFT.

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

What are the payment options?

OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards for payment or transfer funds. Nft Disease

The NFTs are only able to 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 examine the benefits and disadvantages when using OpenSea.

Pros

OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs even if there is no any experience or expertise in blockchain or coding. Nft Disease

They also offer a range of digital currency, making it one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to make more money.

Cons

Although it is decentralized and has one of the largest NFT collection, the service has some limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.

Additionally, you will need to establish a crypto wallet to either sell or purchase on the platform.

Bottom Line

Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved when the market is integrated with decentralized finance.

The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 %.

All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.

crypto-coins

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

FAQ Nft Disease

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

OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser with your mobile phone, your browsers should 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 staff?

Yes, they have a support staff that you can contact through the contact page. Visit their official website and look for “Submit a request.”

Are you able to earn money at OpenSea?

You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method to do, however you should go through their tutorials.

What are the gas prices?

The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they change from time to time.

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

OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to begin.

Does OpenSea have a support team?

Yes they have a customer support staff that you can reach through their contact form. Go to the official site and look for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.

What are the gas prices?

Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.

bitcoin-coins

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

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