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opensea-review

OpenSea has become one of the most popular platforms for NFTs. It’s also the first to release such a platform over the years. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.

It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re set on investing using NFTs, then starting from an appropriate marketplace can provide the leverage you need. 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 go on this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to watch a video instead, check out the channel’s review. They’ll walk users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.

If you prefer reading, we’ll go over what it is before we examine its 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 review. After, you will want to read the rest of our article for a more comprehensive review.

What is OpenSea? Nft K Pop

OpenSea offers a market for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.

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

It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.

It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea function?

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

For OpenSea, all of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.

This means that unless the transaction is successful your digital assets will never leave your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.

If you’re a buyer you can use their search engine to search for NFTs that you’d like to purchase. There are filters that can aid in 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 more than 200 varieties of NFTs available to purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer look at each.

Music

Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.

Collectibles

Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even old technology.

As for NFTs, you can gather avatars, digital pets, or other characters that can be sold or taken home. The rarer they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT prior to when NFT came to be. In the present you can make the same thing with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as short video clips.

Trading Cards

It is also possible to collect digital trading cards like those of Sorare as well as BCCG.

Sports

Digital items related to sports are also available, such as animated team logos.

Virtual Worlds

VR environments and components can be purchased. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters, or even virtual lands. A well-known instance can be Axie Infinity.

Utility

As bizarre as it may sound there are also NFTs that have specific functions. Examples come from 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 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 your products on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and the type of auction, you’re good to go.

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

At present, you can select from five options for selling. They are:

Fixed Price

The seller is the one who will be charged the price of the NFT. Like the name suggests it is not subject to change.

Dutch Auction

In an auction like the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers typically set up very high prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.

English Auction

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

OpenSea will automatically accept the bid 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 are looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.

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

Are there any fees?

It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.

With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost affordable.

However, you have to be aware that certain NFTs have higher transaction charges in comparison to other. This can vary between each seller. Certain artists also get an additional commission in addition to or from the imposed 2.5 percent.

Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid token that is non-fungible once your NFT bid has been accepted. The price for this process will be based on the market, but you can expect it to be about $100 per NFT.

You also need to know that some NFTs have extra commissions. For example, game developers are paid 15 percent or more as commissions for items they’ve sold.

What are the methods of payment?

OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, or debit cards to pay or transfer funds. Nft K Pop

The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of 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 look at the advantages and disadvantages that come with using OpenSea.

Pros

OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Nft K Pop

They also offer a range of digital asset, which makes it one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.

Cons

While it is decentralized and offers one of the most diverse NFT collections, it still has its 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.

Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.

Bottom Line

Similar to cryptocurrency, NFTs have been growing over the years. It’s very creative and sounds strange, which is what makes it captivating for 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 the decentralized finance.

The OpenSea ecosystem allows users to transact without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as five 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 K Pop

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

OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re trying it with your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to get started.

Does OpenSea has a support team?

Yes they have a customer support team you can reach via the contact page. Go to their website, 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 have make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to accomplish, but it is also possible to look over their instructional videos.

What are the costs for gas?

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

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

OpenSea has a mobile and desktop browser that you can use. In the event that you’re using it through your mobile phone, the browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to begin.

Does OpenSea have a support staff?

Yes they have a customer support staff that you can contact through their contact form. Visit the official site and look at “Submit a request.”

Can you make money at OpenSea?

You can mint at 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 look over their instructional videos.

What are the costs for gas?

These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, therefore they constantly change every now and then.

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

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