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opensea-review

OpenSea has become one of the most popular platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.

It’s also more well-known since celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re set on investing using NFTs and want to start from a good marketplace can give you the leverage you need. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?

Before you begin, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at videos instead, take a look at this channel’s review. They’ll guide you through OpenSea and its functions so you’re fully aware before you dive into NFT trading.

For those who prefer the written word, look over what it is before we look into its fees and what it can 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review.

What is OpenSea? Nft Down

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

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

It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.

It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.

How does OpenSea function?

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

For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without risking the security of their NFT ownership.

If the transaction is successful your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you have to do is have a web3-enabled wallet.

If you’re a buyer, you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.

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

What types of NFTs are available from OpenSea?

There are around 200 kinds of NFTs available to purchase from OpenSea. There are eight categories to which 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 restricted to just songs; you can also purchase mixtapes remixes, beatsand vocals or anything else an artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or the older technologies.

For NFTs, you can gather avatars, digital pets, or any other characters that could be sold or taken home. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT, even before NFT was invented. As of today it is possible to create digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.

Trading Cards

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

Sports

Sports-related digital items can also be collected like animated team logos.

Virtual Worlds

VR spaces and elements are now available for purchase. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters, or even virtual worlds. A popular instance is Axie Infinity.

Utility

As bizarre as it may sound there are also NFTs with specific features. Examples include 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 being shut down from anyone. These types are also censorship-resistant.

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

What are the options for selling?

Selling on OpenSea is easy. All you have to do is list them on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.

For first-time sellers you will be subject to a one-time gas fee.

You can currently select among five selling options. The choices are:

Fixed Price

The seller is the one who will be charged the price for the NFT. Just as the name suggests the price never changes.

Dutch Auction

In the Dutch Auction, the seller decides on a price which will decrease in time. Sellers usually set very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT is sold after they agree on a price.

English Auction

The seller will put up an NFT to sell and list the minimum price. This is in contrast to that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells it to the highest bidder.

OpenSea will automatically accept the bid if the auction ends above 1 Etherium.

NFT Creation

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

Bundles

If you want to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.

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

Are there any additional fees?

It’s normal for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. Similar to how regular galleries earn money through a portion of the artworks sold.

With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent fee competitive.

However, you must know that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.

Furthermore, transactions to Etheruem can be costly. Your NFT collection will be issued as a valid token that is non-fungible following the time your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be around $100 per NFT.

Also, you should know that certain NFTs earn extra commissions. For example, game developers receive up to 15% commissions for items they’ve sold.

What are the methods of payment?

OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment for or make a deposit. Nft Down

The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that they can 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 can be decentralized which makes transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about coding or blockchain. Nft Down

They also offer several types of digital asset, making them one of the largest NFT marketplaces. The low platform charges are also a good opportunity 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. With no support for fiat and no support for payments with currencies like USD or Euros.

It is also necessary to set up your own crypto wallet to either sell or buy from the platform.

Bottom Line

Like cryptocurrencies, NFTs have been growing over the years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.

OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 percent.

In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.

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

FAQ Nft Down

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

OpenSea has a mobile and desktop browser that you can utilize. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled up to begin.

Does OpenSea have a support staff?

Yes, they have a support team that you can contact through the contact page. Visit their website, and search on the page for “Submit a request.”

Are you able to earn money at OpenSea?

You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should check out their tutorials.

What are gas fees?

Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, so they change from time to time.

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

OpenSea is a mobile as well as desktop browser users can use. In the event that you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to begin.

Does OpenSea has a support team?

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

Are you able to mint 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. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas 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 for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, therefore they change at regular intervals.

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

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