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opensea-review

OpenSea has grown to become one of the top markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.

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

If you’re planning to invest through NFTs and want to start from an established marketplace will give you the leverage you require. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?

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

If you prefer the written word, go over what it is before we look into its fees and what it has to 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Key

OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.

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

It was founded in 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 one of the first NFT marketplaces which is similar to cryptocurrency.

It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.

What is the process behind OpenSea operate?

If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.

For OpenSea All of the assets listed in the platform are owned by the users, not the platform. Because they’re a decentralized marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk their NFT ownership.

If the transaction is completed the digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you require is to have a web3 supported wallet.

For those who are buyers you can use their search engine to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.

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

What types of NFTs are available from OpenSea?

There are around 200 kinds of NFTs that you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s have a look at each.

Music

Music may be one of the most well-known NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even old technology.

In the case of NFTs, it is possible to collect avatars, digital pets, or other characters that can be traded or taken home. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT prior to when NFT came to be. Today, you can also make the same thing with digital art. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even small video clip clips.

Trading Cards

There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as BCCG.

Sports

Digital items related to sports are also available, for example, animated logos of teams.

Virtual Worlds

VR spaces and elements are now available for purchase. You can buy these metaverses or other things such as game items and the VR environment characters, virtual objects or even virtual worlds. One popular instance could be Axie Infinity.

Utility

As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. 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 post them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and the type of auction and you’re ready to go.

For the first time sellers, you will be subjected to a one-time gas fee.

You can currently select from five options for selling. The choices are:

Fixed Price

The seller is the one who will be charged the price for the NFT. As the name implies, it never changes.

Dutch Auction

For the Dutch Auction, the seller sets a price that will fluctuate in the course of. Sellers typically set up very high prices. As time passes, the price will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.

English Auction

The seller puts up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.

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

NFT Creation

You can also mint your own NFTs through the platform. They can be sold on the marketplace.

Bundles

If you’re looking to sell multiple NFTs under one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included 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 marketplaces to charge fees to access the platform. The fee is charged can vary per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the artworks sold.

With OpenSea you only be charged 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent fee affordable.

But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percent.

Furthermore, transactions to Etheruem is costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect it to be about $100 per NFT.

Also, you should know that some NFTs have extra commissions. For instance, game developers get 15 percent or more as commissions on the products they’ve sold.

What are the payment methods?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards for payment or transfer funds. Nft Key

The NFTs can be purchased or sold if your cryptocurrency 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 take a look at the advantages and disadvantages when using OpenSea.

Pros

OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no experience or knowledge about blockchain technology or programming. Nft Key

They also offer several types of digital assets, making them one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.

Cons

While it is open source and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.

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

Bottom Line

Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters 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 users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5% charge on your sales seems reasonable, considering some marketplaces can charge as high as five percent.

In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.

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

FAQ Nft Key

What do I need so I can utilize OpenSea?

OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be filled up to get started.

Does OpenSea have a support staff?

Yes they have a customer support team that you can contact through the contact page. Visit the official site and search for “Submit a request.”

Are you able to make money at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.

What are the gas prices?

Gas fees are transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, which means they change at regular intervals.

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

OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be fully charged to get started.

Does OpenSea have a support staff?

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

Do you have the ability to earn money 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, put them up for auction. It’s easy and gas-free to do, however you should go through their tutorials.

What are gas fees?

The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, so they fluctuate at regular intervals.

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

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