Nft Magazine

opensea-review

OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.

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

If you’re set on investing through NFTs beginning with a good marketplace can help you get the leverage you need. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?

Before you begin this journey, we’d like to caution you. This review is an extensive read. If you’d rather watch a video instead, you can check out the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.

If you prefer reading, we’ll go over what it is before we look into its fees and the benefits it offers.

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Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Magazine

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

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

It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.

It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.

How does OpenSea operate?

If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading very similar.

For OpenSea, all of the assets that are listed on the platform are owned by users, not by the platform. Since they are an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.

That means unless the transaction is completed the digital assets will never leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.

For those who are buyers, you can utilize their website to look for NFTs you’d like to buy. They also offer filters to make your search easier.

Nft Magazine

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

What kinds of NFTs can you purchase from OpenSea?

There are more than 200 varieties of NFTs available to purchase from OpenSea. Here are eight categories in which they typically fall into. Let’s examine each.

Music

Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.

Collectibles

Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or the older technologies.

In the case of NFTs, you can gather avatars, virtual pets, and other characters that can be traded or collected. The more rare they are, the greater value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art is always one of the most sought-after NFT prior to when NFT became a reality. Today, you can also do the same with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or small video clip clips.

Trading Cards

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

Sports

Sports-related digital items can also be collected for example, animated team logos.

Virtual Worlds

VR environments and components are now available for purchase. You can buy these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual lands. A popular illustration could be Axie Infinity.

Utility

As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites are now classified as NFT. It is possible to purchase blockchain-based domains 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 selling options?

Selling on OpenSea is easy. All you need to do is list your products on the marketplace. You only have to ensure your account is linked. Once you’ve added the price 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. These are:

Fixed Price

The seller will be the one to pay the price for the NFT. As the name implies it is not subject to change.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fall over time. Sellers typically set up very high prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.

English Auction

The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops with time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.

OpenSea will automatically accept the payment when the auction closes above 1 Etherium.

NFT Creation

You can also mint your own NFTs using the platform. You can then sell them through the marketplace.

Bundles

If you are looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.

crypto-trading

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

Are there any additional fees?

It is common for crypto or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost paid by the buyer. This is similar to how traditional art galleries generate income through a portion of the paintings that are sold.

With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent fee competitive.

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. Certain artists may also receive an additional commission in addition to or from the standard 2.5 percentage.

Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be about $100 per NFT.

It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers are paid as much as 15% as commissions for items they’ve sold.

What are the payment options?

OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit and debit card to make payments or deposit. Nft Magazine

The NFTs can be bought or sold when your cryptocurrency is accepted 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 benefits and disadvantages that come with using OpenSea.

Pros

OpenSea can be decentralized making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you do not have any experience or expertise in coding or blockchain. Nft Magazine

They also offer several types of digital asset, which makes their platform one of the most popular NFT marketplaces. The low platform costs are also a great way for you to earn more income.

Cons

While it is decentralized and has one of the largest NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.

It is also necessary to establish a crypto wallet to sell or purchase from the platform.

Bottom Line

Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.

The OpenSea ecosystem allows users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.

Overall, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.

crypto-coins

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

FAQ Nft Magazine

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

OpenSea offers a mobile and desktop browser that you can use. In the event that you’re trying 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 topped up for you to get started.

Does OpenSea have a support staff?

Yes they do have a support team that you can reach via their contact form. Visit 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 to do is create an NFT and then add it to the collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free 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. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, so they change at regular intervals.

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

OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be filled with money to start.

Does OpenSea have a support staff?

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

Do you have the ability to mint at OpenSea?

You can mint at OpenSea. All you have to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should go through their tutorials.

What are the costs for gas?

These are transactions fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, therefore they change every now and then.

bitcoin-coins

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

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