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opensea-review

OpenSea has become one of the leading marketplaces for NFTs. It was the first to release such a platform in the past. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.

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

If you’re set on investing using NFTs and want to start from an appropriate marketplace can provide the leverage you require. This is why we wrote this review – OpenSea has always been the leading NFT marketplace. But is it suitable for you?

Before you start our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They will guide the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.

If you like to read, let’s look through what it is prior to we go over the costs and what it can offer.

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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. After, you’ll want to read the rest of the article for a more comprehensive review.

What is OpenSea? Nft Guards Scp

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

The available NFTs are not restricted to art, music games, or game products, as well as domain names.

It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.

Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea work?

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

For OpenSea, all of the assets that are listed on this platform belong to users, not by the platform. Since they are an uncentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.

That means unless the transaction is complete the digital assets will never leave your wallet. Moreover, you aren’t required to make your account. All you have to do is have a web3 supported wallet.

If you’re a buyer, you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.

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

What kinds of NFTs are available to purchase from OpenSea?

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

Music

Music could be among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist is offering. You can also purchase background noises like rain, indistinct chatters or various other sound effects.

Collectibles

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

In the case of NFTs, you can gather avatars, digital pets, and other characters that can be sold or taken home. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art is always one of the most sought-after NFT since before NFT came to be. In the present you can create digital art. It’s not limited to digital artworks and illustrations. 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 the ones from Sorare and BCCG.

Sports

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

Virtual Worlds

VR space and other elements can be purchased. You can purchase these metaverses and other things like game elements as well as the VR environment virtual objects, characters or even virtual lands. A popular example could be Axie Infinity.

Utility

As absurd as it may sound, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites are now classified as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.

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

What are the selling options?

Selling your products on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to ensure that your wallet is connected. After you’ve entered your bid and the type of auction and you’re ready to go.

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

At present, you can select from 5 selling options. The choices are:

Fixed Price

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

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT can be sold once they agree on a price.

English Auction

The seller puts up an NFT to sell and list an amount that is a minimum. This is in contrast to the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.

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

NFT Creation

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

Bundles

If you are looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.

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

Are there any additional fees?

It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.

With OpenSea You will only be charged 2.5% when you purchase an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% cost affordable.

But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.

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

You also need to know that some NFTs charge additional commissions. For instance, game developers are paid up to 15% commissions on the products they’ve sold.

What are the payment options?

OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards for payment or make a deposit. Nft Guards Scp

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

Pros

OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain or coding. Nft Guards Scp

They also offer several types of digital currency, which makes them one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.

Cons

While it is open source and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments using currency like USD or Euros.

Additionally, you will need to establish a cryptocurrency wallet in order to sell or buy from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that caters to a broad 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 concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 percent.

All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.

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

FAQ Nft Guards Scp

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

OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it with your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled up to start.

Does OpenSea has a support team?

Yes, they have a support team you can contact through its contact forms. Go to their official website and look for “Submit a request.”

Are you able to mint at OpenSea?

You can also mint at OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy, but you can also check out their tutorials.

What are gas fees?

These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, therefore they constantly change every now and then.

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

OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be topped up for you to get started.

Does OpenSea has a support team?

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

Are you able to earn money 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 the items, post them for sale. It’s simple and free of gas, but you can also go through their tutorials.

What are the costs for gas?

Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, which means they change at regular intervals.

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

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