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opensea-review

OpenSea is now one of the most popular markets for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.

It’s becoming more popular because celebrities and other famous people have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.

If you’re set on investing with 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 always been the top NFT marketplace. But is it suitable for you?

Before you go on our review, we’d like warn you. This review is quite a long read. If you’d rather take a look at a video instead, check out the channel’s review. They’ll guide users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.

If you prefer to read, let’s go through what it is prior to we look into its fees and what it has to offer.

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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’ll want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Grow Tank Usa

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

The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.

It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is similar to cryptocurrency.

Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about these is that they permit users to list NFTs purchased or made elsewhere.

What is the process behind OpenSea work?

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

For OpenSea All of the assets that are listed on this platform belong to users, not the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk the security of their NFT ownership.

This means that unless the transaction is complete the digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.

For those who are buyers you can use their browser to look for NFTs you’d like to purchase. They also offer filters to simplify your search.

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> > 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 through OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.

Music

Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.

Collectibles

Even before NFTs were popular, a few people invested in collectibles like baseball cards, movie props, or even older technology.

In the case of NFTs, you can gather avatars and digital pet, and other characters that can be sold or collected. The more rare they are, the more value they possess. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT prior to when NFT was invented. As of today you can create digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.

Trading Cards

You can also collect digital trading cards like the ones from Sorare as well as BCCG.

Sports

Digital items related to sports can also be collected such as animated team logos.

Virtual Worlds

VR spaces and elements can now also be bought. You can buy these metaverses or other things like game objects as well as the VR environment virtual objects, characters and even virtual land. A popular example is Axie Infinity.

Utility

As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting 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 need to do is post them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction, you’re good to go.

If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.

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

Fixed Price

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

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.

English Auction

The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells it for the most expensive bidder.

OpenSea will automatically accept the bid when the auction closes above 1 Etherium.

NFT Creation

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

Bundles

If you’re looking to sell multiple NFTs within one transaction, it is possible to use OpenSea’s bundle features. 30 items are available 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 charge fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular galleries earn money through a portion of the paintings that are sold.

With OpenSea you only need to pay 2.5 percent when you buy an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 percent cost reasonable.

However, you must understand that some NFTs have higher transaction charges compared to others. It is possible for this to differ between seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5%.

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

You also need to know that some NFTs have extra commissions. For example, game developers get as much as 15% commissions for the items they’ve sold.

What are the payment methods?

OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay for or make a deposit. Nft Grow Tank Usa

The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 that come with using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Nft Grow Tank Usa

They also offer a range of digital assets, which makes them one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.

Cons

Although it is decentralized and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.

You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.

Bottom Line

Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.

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

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

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

FAQ Nft Grow Tank Usa

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

OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it on your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to get started.

Does OpenSea has a support team?

Yes they do have a support team that you can reach via its contact forms. Just go to the official site and look at “Submit a request.”

Do you have the ability to earn money at OpenSea?

You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free 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 to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, therefore they fluctuate every now and then.

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

OpenSea has a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled with money to begin.

Does OpenSea have a support team?

Yes they do have a support team that you can reach via their contact form. Visit the official site and search at “Submit a request.”

Are you able to mint at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to do, however you should go through their tutorials.

What are gas fees?

Gas fees are transaction costs from 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 constantly change at regular intervals.

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

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