Nft Dragonary

opensea-review

OpenSea has become one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.

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

If you’re set on investing through NFTs, then starting from an appropriate marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?

Before you start this journey, we’d like to caution you. This review is a long read. If you’d prefer to take a look at videos instead, check out the review of this channel. They will guide users through OpenSea and its functions so that you understand everything before you begin NFT trading.

If you prefer the written word, look through what it is prior to we go over the costs and the benefits it offers.

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Before you continue, you may want to check out 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 Dragonary

OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell 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 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept similar to cryptocurrency.

It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.

How does OpenSea work?

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

For OpenSea All of the assets that are listed on this platform belong to the users, not by the platform. Since they are an open marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk the security of their NFT ownership.

If the transaction is complete the digital assets will never leave your account. Furthermore, you’re not required to create your account. All you need 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. They also have filters available to make your search easier.

Nft Dragonary

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

What kinds of NFTs are available to purchase from OpenSea?

There are about 200 types of NFTs you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s look at each.

Music

Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. 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 individuals were interested in collecting items such as baseball cards, film props, or older technology.

In the case of NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or collected. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT, even before NFT became a reality. Today, you can also create digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs or images, as well as videos of short length.

Trading Cards

You can also collect digital trading cards, such as those from Sorare as well as BCCG.

Sports

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

Virtual Worlds

VR spaces and elements can be purchased. You can purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters and even virtual land. A well-known example can be Axie Infinity.

Utility

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

Domain Names

Websites can be classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.

bitcoin-coin

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

What are the options for selling?

Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. You only have to ensure 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 subjected to a one-time fee for gas.

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

Fixed Price

The seller will be the one who will be charged the price that is the NFT. Just as the name suggests it is not subject to change.

Dutch Auction

In the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold when they have agreed on a price.

English Auction

The seller puts up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price decreases with time. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.

OpenSea can automatically take over the transaction if the auction ends above 1 Etherium.

NFT Creation

You can also create your own NFTs using the platform. They can be sold on the marketplace.

Bundles

If you want to sell several NFTs within one transaction, it is possible to utilize the bundle features of 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 exchanges to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. This is similar to how traditional galleries make money through a portion of the paintings that are sold.

With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee reasonable.

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

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

Also, you should know that certain NFTs earn extra commissions. For example, game developers get as much as 15% commissions for the items they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments or transfer funds. Nft Dragonary

The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets 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 benefits and disadvantages of using OpenSea.

Pros

OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have prior experience or know-how in blockchain or coding. Nft Dragonary

They also offer a range of digital asset, which makes them one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to make more money.

Cons

Although it is open source and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments using currency like USD or Euros.

It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.

Bottom Line

Similar to cryptocurrency, NFTs have been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.

OpenSea’s ecosystem allows its users to transact without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 percent.

In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.

crypto-coins

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

FAQ Nft Dragonary

What do I need so I can use OpenSea?

OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying it through your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to start.

Does OpenSea have a support staff?

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

Do you have the ability to mint at OpenSea?

You can make a mint using OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to go through their tutorials.

What are the costs for gas?

The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, so they fluctuate at regular intervals.

What do I need so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to begin.

Does OpenSea have a support team?

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

Are you able to earn money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy 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 price is determined in accordance with the current market conditions, therefore they constantly change from time to time.

bitcoin-coins

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

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