Nft Guides

opensea-review

OpenSea has become one of the top markets for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth since blockchain and NFT become more popular investments.

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

If you’re looking to invest with NFTs beginning with an appropriate marketplace can provide the leverage you need. This is the reason we created this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?

Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d rather watch videos instead, you can check out this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.

If you like to read, let’s look over what it is before 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Guides

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

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

It was created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.

It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. 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 operate?

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

For OpenSea All of the assets listed in the platform are owned by the users, not by the platform. Since they are an open marketplace, they have intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.

That means unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.

For those who are buyers you can use their browser to find NFTs you’d like to buy. They also have filters available to aid in your search.

Nft Guides

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

What types of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs available to purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a review of each.

Music

Music could be among the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of 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 collect avatars, virtual pets, or other characters that can be sold or taken home. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT, even before NFT became a reality. As of today, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.

Trading Cards

There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.

Sports

The digital objects associated with sports are also available, for example, animated team logos.

Virtual Worlds

VR spaces and elements can now also be bought. You can purchase these metaverses, or other items like game elements as well as the VR environment virtual objects, characters or even virtual worlds. One popular example is Axie Infinity.

Utility

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

Domain Names

Websites can now also be considered as 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 selling options?

Selling on OpenSea is simple. All you have to do is to list them in the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and auction type 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. They are:

Fixed Price

The seller will be the one to charge the price that is the NFT. Like the name suggests it is not subject to change.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate over time. Sellers generally set expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold once they have agreed on a price.

English Auction

The seller puts up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price drops with time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.

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

NFT Creation

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

Bundles

If you are looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.

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

Are there any charges?

It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings that are sold.

With OpenSea you only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% 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 sales commission apart from the imposed 2.5%.

In addition, trading on Etheruem is costly. The NFT collection will be minted 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 it to be in the range of $100 for each NFT.

Also, you should know that some NFTs charge additional commissions. For example, game developers receive 15 percent or more as commissions on the products they’ve sold.

What are the payment methods?

OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or transfer funds. Nft Guides

The NFTs can be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of the blockchains and wallets 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 benefits and disadvantages of using OpenSea.

Pros

OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have prior experience or know-how in blockchain technology or programming. Nft Guides

They also offer several types of digital asset, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.

Cons

Although it is open source and has one of the largest NFT collections, it has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments using currency like USD or Euros.

You will also need to create your crypto wallet to either sell or buy from the platform.

Bottom Line

Like cryptocurrencies NFTs are also growing over the years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.

OpenSea’s ecosystem allows its customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.

Overall, 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 Guides

What do I need so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser that users can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.

Does OpenSea have a support team?

Yes they have a customer support staff that you can contact through its contact forms. Visit their official website and look at “Submit a request.”

Do you have the ability to earn money at OpenSea?

You can also mint at OpenSea. All you have be able to do is make an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.

What are the gas prices?

The gas fees refer to transaction costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, so they fluctuate every now and then.

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

OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re using it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to start.

Does OpenSea have a support team?

Yes they have a customer support team you can reach via the contact page. Just go to the official site and search for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should look over their instructional videos.

What are the costs for gas?

These are transactions charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined by the market, so they constantly change at regular intervals.

bitcoin-coins

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

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