Nft Guide To Washington Dc 2021 Review

opensea-review

OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind 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 interest. As art becomes more digitized, NFT becomes more lucrative.

If you’re looking to invest with NFTs, then starting from an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?

Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at a video instead, you can check out this channel’s review. They will guide users through OpenSea and its functions so that you understand everything before you dive into NFT trading.

If you like the written word, go through what it is prior to we go over the costs 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Guide To Washington Dc 2021 Review

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

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

It was established in the year the year 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 first NFT marketplaces which is as new as cryptocurrencies.

Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to list NFTs purchased or made elsewhere.

How does OpenSea operate?

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

For OpenSea, all of the assets on the platform are owned by users, not by the platform. Since they are an uncentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without having to risk the security of their NFT ownership.

That means unless the transaction is complete, your digital assets will never leave your account. Furthermore, you’re not required to create your account. All you require is to possess a wallet that is compatible with web3.

In the event that you’re buying, you can utilize their website to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.

Nft Guide To Washington Dc 2021 Review

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

What types of NFTs are available to purchase from OpenSea?

There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.

Music

Music is among the most popular NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals or whatever the artist has to offer. 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 people were investing in collectibles such as baseball cards, film props, and even older technology.

As for NFTs, it is possible to collect avatars, virtual pets or other characters that can be traded or collected. The more rare they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT, even before NFT was invented. As of today you can make the same thing with digital art. It’s not limited to digital illustrations or paintings. Gifs can be collected as well, images, or even videos of short length.

Trading Cards

You can also collect digital trading cards like those of Sorare as well as BCCG.

Sports

The digital objects associated with sports can also be collected like animated team logos.

Virtual Worlds

VR environments and components can be purchased. You can buy these metaverses, or other items like game objects as well as the VR environment virtual objects, characters or even virtual worlds. A popular example could be Axie Infinity.

Utility

As absurd as it may sound it is possible to purchase NFTs with specific features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites are now considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. 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 post them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and type of auction then you’re all set.

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

You can currently select from 5 selling options. They are:

Fixed Price

The seller is the one who will be charged the cost that is the NFT. Just as the name suggests, it never changes.

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers typically set up very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they have agreed on a price.

English Auction

The seller puts up an NFT for sale and lists the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.

OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.

NFT Creation

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

Bundles

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

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

Are there any charges?

It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries earn money through a portion of the artworks sold.

With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent fee competitive.

But, it is important to be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.

In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.

It is also important to be aware that some NFTs charge extra commissions. For example, game developers get as much as 15% as commissions on the products they’ve sold.

What are the payment options?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, and debit card to make payments for or make a deposit. Nft Guide To Washington Dc 2021 Review

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

Pros

OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. Nft Guide To Washington Dc 2021 Review

They also offer several types of digital currency, making their platform one of the biggest NFT marketplaces. The low platform charges are also a good way for you to make more money.

Cons

Although it’s decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments using currency like USD or Euros.

Additionally, you will need to set up your own crypto wallet to either sell or buy from the platform.

Bottom Line

Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.

The OpenSea ecosystem enables its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores may charge as much as 5 percent.

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

crypto-coins

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

FAQ Nft Guide To Washington Dc 2021 Review

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

OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your mobile phone, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be fully charged to start.

Does OpenSea has a support team?

Yes, they have a support staff that can be reached via their contact form. Go to their official website and search on the page for “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 add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.

What are gas fees?

The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they change every now and then.

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

OpenSea has a mobile and desktop browser users can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be fully charged to start.

Does OpenSea have a support team?

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

Are you able to earn money at OpenSea?

You can also mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas, but you can also go through their tutorials.

What are gas fees?

Gas fees are transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they change from time to time.

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

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