Nft Maker

opensea-review

OpenSea is now one of the top platforms for NFTs. It’s also the first one to release such a platform over the years. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.

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

If you’re set on investing using NFTs and want to start from an appropriate marketplace can help you get the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it right for you?

Before you begin this journey, we’d like to caution you. This review is quite a long read. If you’d rather take a look at a video instead, check out the channel’s review. They will guide you through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.

For those who prefer to read, let’s go over what it is before we look into its fees 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Maker

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

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

It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.

It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.

What is the process behind OpenSea operate?

If you’ve been buying or selling with cryptocurrencies 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. Since they’re a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk their NFT ownership.

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

In the event that you’re buying you can utilize their website to look for NFTs you’d prefer to purchase. There are filters that can aid in your search.

Nft Maker

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

What types of NFTs are available from OpenSea?

There are about 200 types of NFTs that you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer examine each.

Music

Music is among the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.

Collectibles

Before NFTs were popular, a few people were investing in collectibles such as baseball cards, film props, and even the older technologies.

As for NFTs, you can collect avatars and digital pet, or any other characters that could be traded or collected. The rarer they are the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT since before NFT became a reality. In the present it is possible to do the same with digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.

Trading Cards

It is also possible to collect digital trading cards like the ones from Sorare and BCCG.

Sports

Digital items related to sports can also be collected like animated team logos.

Virtual Worlds

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

Utility

As bizarre as it may sound there are also NFTs that have specific capabilities. Examples are 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 by 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 post them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and type of auction and you’re ready to go.

If you are a first-time seller you will be subject 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 to charge the cost that is the NFT. Just as the name suggests, it never changes.

Dutch Auction

For the Dutch Auction, the seller sets a price that will decrease in time. Sellers usually set very high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they have agreed on a price.

English Auction

The seller will put up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells the auction to the highest bidder.

OpenSea can automatically take over the bid if the auction ends above 1 Etherium.

NFT Creation

You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.

Bundles

If you are looking to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.

crypto-trading

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

Are there any additional fees?

It’s common for cryptocurrency or NFT marketplaces to impose fees to access the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales price paid by the buyer. This is similar to how traditional galleries make money by getting a share of the paintings that are sold.

With OpenSea You will only have to pay 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 percent fee competitive.

However, you must know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.

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

Also, you should know that certain NFTs earn additional commissions. For instance, game designers receive 15 percent or more as commissions on the products 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 own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards to pay or deposit. Nft Maker

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

Pros

OpenSea is decentralized, making transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if you don’t have prior experience or know-how in coding or blockchain. Nft Maker

They also offer several types of digital assets, making it one of the most popular NFT marketplaces. The platform’s low fees are also an excellent method to earn more income.

Cons

While it is open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as 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 establish a crypto wallet to sell or purchase on the platform.

Bottom Line

Like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.

The OpenSea ecosystem allows users to transact without worrying about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears acceptable, given that some online stores may charge as much as 5 %.

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

crypto-coins

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

FAQ Nft Maker

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

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

Does OpenSea have a support team?

Yes they have a customer support team can be reached via the contact page. Go to the official site and look for “Submit a request.”

Are you able to earn money at OpenSea?

You can also mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method, but you can also look over their instructional videos.

What are the costs for gas?

The gas fees refer to transaction fees from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, which means they change from time to time.

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

OpenSea has a mobile and desktop browser that users can use. When you’re using the browser with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled with money to get started.

Does OpenSea have a support staff?

Yes they have a customer support team you can reach through their contact form. Go to their website, and search on the page for “Submit a request.”

Can you make money at OpenSea?

You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. It’s simple and free of gas to do, however you should go through their tutorials.

What are the costs for gas?

These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, therefore they change from time to time.

bitcoin-coins

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

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