Nft Draft 2021 Round 2

opensea-review

OpenSea has become one of the top marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.

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

If you’re looking to invest using NFTs, then starting from a good marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?

Before you start this journey, we’d like to caution you. This review is quite lengthy. If you prefer to watch videos instead, you can check out this channel’s review. They will guide you through OpenSea and its features to ensure you’re fully aware before you begin NFT trading.

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

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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 our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Draft 2021 Round 2

OpenSea provides a platform for non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.

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

It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.

Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.

How does OpenSea operate?

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

For OpenSea All of the assets listed in this platform belong to the users, not the platform. Since they are a decentralized marketplace, they use smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.

That means unless the transaction is completed, your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.

If you’re a buyer you can use their search engine to search for NFTs that you’d prefer to purchase. They also offer filters to simplify your search.

Nft Draft 2021 Round 2

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

What kinds of NFTs are available from OpenSea?

There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.

Music

Music is among the most well-known NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist offers. Some even buy background noises like rain, indistinct chatters or various other sound effects.

Collectibles

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

In the case of NFTs, you can collect avatars and digital pet, or other characters that can be traded or taken home. The rarer they are the more value they be. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT since before NFT became a reality. Today you can create digital art. It’s not 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, such as those of 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 are now available for purchase. You can buy these metaverses, or other items like game objects and the VR environment characters, virtual objects and even virtual land. A popular instance is Axie Infinity.

Utility

As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by 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 in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.

For the first time sellers you will be subject to a single-use gas charge.

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

Fixed Price

The seller will be the one to pay the price of the NFT. As the name implies, it never changes.

Dutch Auction

In an auction like the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they agree on a price.

English Auction

The seller is required to put up an NFT for sale and will list the minimum price. It’s opposite to that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.

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

NFT Creation

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

Bundles

If you want to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed in the bundle.

crypto-trading

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

Are there any charges?

It’s normal for crypto or NFT marketplaces to impose charges to use the platform. While the fee charged 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 by getting a share of the paintings sold.

With OpenSea, you will only be charged 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost reasonable.

But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.

In addition, trading on Etheruem is costly. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be around $100 per NFT.

It is also important to be aware that some NFTs charge additional commissions. For instance, game developers are paid as much as 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’ll need to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal, credit, or debit cards for payment for or transfer funds. Nft Draft 2021 Round 2

The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that 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 advantages and drawbacks of using OpenSea.

Pros

OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Draft 2021 Round 2

They also offer several types of digital asset, making their platform one of the largest NFT marketplaces. The low platform charges are also a good method to earn more income.

Cons

While it is decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.

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

Bottom Line

Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.

The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as five percent.

Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.

crypto-coins

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

FAQ Nft Draft 2021 Round 2

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

OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be filled up to start.

Does OpenSea have a support team?

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

Are you able to make money at OpenSea?

You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.

What are the costs for gas?

Gas fees are transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, so they change at regular intervals.

What do I need so I can use OpenSea?

OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to start.

Does OpenSea have a support team?

Yes they do have a support team that you can contact through their contact form. Go to the official site and look on the page for “Submit a request.”

Can you earn money at OpenSea?

You can 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, put them up for sale. This is gas-free and easy but you could also look over their instructional videos.

What are the costs for gas?

Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, therefore they change from time to time.

bitcoin-coins

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

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