Nft Land

opensea-review

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

It’s becoming more popular because celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest using NFTs and want to start from a good marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?

Before you go on our review, we’d like warn you. This review is lengthy. If you prefer to take a look at videos instead, you can check out the review of this channel. They will guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.

For those who prefer to read, let’s look 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 the article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Land

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

The available NFTs are not restricted to art, music, game items, and domain names.

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

Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to post NFTs that were purchased or developed elsewhere.

How does OpenSea operate?

If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.

For OpenSea, all of the assets that are listed on this platform belong to the users, not by the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without risking the security of their NFT ownership.

This means that unless the transaction is complete, your digital assets will never leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.

If you’re a buyer you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.

Nft Land

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

What types of NFTs are available from OpenSea?

There are around 200 kinds of NFTs available to buy from OpenSea. Here are eight categories in which they typically fall into. Let’s have a examine each.

Music

Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.

Collectibles

Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, and even old technology.

As for NFTs, you can collect avatars, digital pets and other characters that can be traded or collected. The rarer they are, the more value they have. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT, even before NFT was invented. As of today, you can also make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.

Trading Cards

You can also collect digital trading cards, such as those from Sorare as well as BCCG.

Sports

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

Virtual Worlds

VR space and other elements are now available for purchase. You can purchase these metaverses or other things such as game items, the VR environment, characters, virtual objects or even virtual lands. A well-known illustration could be Axie Infinity.

Utility

As bizarre as it may sound there are also NFTs with specific features. Examples include 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.

bitcoin-coin

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

What are the options for selling?

Selling on OpenSea is simple. All you need to do is list them on the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and the type of auction, you’re good to go.

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

Currently, you can choose from 5 selling options. These 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

For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may present an offer. The NFT can be sold once they agree on a price.

English Auction

The seller is required to put up an NFT to sell and list the minimum price. It’s opposite to the Dutch Auction, where the price will decrease over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.

OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.

NFT Creation

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

Bundles

If you want to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be listed as part of the bundle.

crypto-trading

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

Are there any additional fees?

It is common for crypto or NFT marketplaces to impose charges to use 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. Similar to how regular galleries make money by gaining a percentage of the paintings sold.

With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent fee affordable.

But, it is important to understand that some NFTs charge higher transaction costs 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%.

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

Also, you should know that some NFTs have additional commissions. For example, game developers receive up to 15% as commissions for items they’ve sold.

What are the methods of payment?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, or debit cards to pay or make a deposit. Nft Land

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

Pros

OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in blockchain technology or programming. Nft Land

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

Cons

While it is decentralized and has one of the largest NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat 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 sell or purchase from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.

OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. In addition, it doesn’t cost users high fees. A 2.5% charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.

All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.

crypto-coins

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

FAQ Nft Land

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

OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to start.

Does OpenSea have a support team?

Yes they have a customer support team you can reach via the contact page. Visit their website, and look for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. It’s easy and gas-free to do, however you should check out their tutorials.

What are the costs for gas?

Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined in accordance with the current market conditions, so they constantly change from time to time.

What do I need so I can utilize OpenSea?

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

Does OpenSea have a support team?

Yes they do have a support staff that you can contact through the contact page. Visit their website, and look for “Submit a request.”

Can you make money at OpenSea?

You can make a mint using OpenSea. All you need make is to create an NFT and add an item in your inventory. 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?

Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined by the market, which means they fluctuate every now and then.

bitcoin-coins

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

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