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OpenSea is now one of the most popular markets for NFTs. It was the first to release such a platform over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.

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

If you’re looking to invest through NFTs and want to start from a good marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?

Before you begin, we’d like to warn you. This review is lengthy. If you prefer to take a look at videos instead, take a look at the review of this channel. They’ll walk 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 through what it is prior to we examine its costs 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.

What is OpenSea? Nft-Nl

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

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

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

Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.

How does OpenSea work?

If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.

For OpenSea, all of the assets on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without putting at risk the security of their NFT ownership.

That means unless the transaction is completed your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you have to do is possess a wallet that is compatible with web3.

If you’re a buyer you can utilize their website to find NFTs you’d like to buy. They also offer filters to aid in your search.

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

What kinds of NFTs are available from OpenSea?

There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer look at each.

Music

Music could be among the most well-known NFTs all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even the older technologies.

For NFTs, you can collect avatars, virtual pets or any other characters that could be traded or collected. The more rare they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT prior to when NFT became a reality. In the present it is possible to do the same with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs or images, as well as videos of short length.

Trading Cards

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

Sports

Sports-related digital items are also available, for example, animated logos of teams.

Virtual Worlds

VR environments and components can now also be bought. You can buy these metaverses or other things like game objects and the VR environment virtual objects, characters, or even virtual lands. One popular illustration could be Axie Infinity.

Utility

As absurd as it may sound, you can also buy NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by any person. 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 simple. All you have to do is post them in the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.

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

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

Fixed Price

The seller is the one to charge the price that is the NFT. As the name implies, it never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease over the course of. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they have agreed on a price.

English Auction

The seller is required to put up an NFT to sell and list the minimum price. This is different from auctions like the Dutch Auction, where the price drops over time. In the English Auction, buyers will make bids until the seller is able to sell 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 through the platform. They can be sold in the marketplace.

Bundles

If you want to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items are available as part of the bundle.

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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 charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the artworks sold.

With OpenSea, you will only need to pay 2.5% when you purchase an NFT. No listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee competitive.

But, it is important to be aware that certain NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.

In addition, trading on Etheruem could be expensive. The NFT collection will only be created as a valid, non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be about $100 per NFT.

It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers get 15 percent or more as commissions on the products they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments for or make a deposit. Nft-Nl

The NFTs can only be purchased or traded only if the cryptocurrency you’re using 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 take a look at the advantages and drawbacks when using OpenSea.

Pros

OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have prior experience or know-how in coding or blockchain. Nft-Nl

They also offer a range of digital asset, making it one of the most popular NFT marketplaces. Low platform costs are also a great way for you to earn more income.

Cons

Although it is decentralized and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments with currencies like USD or Euros.

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

Bottom Line

Like cryptocurrencies, NFTs have been growing over the years. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.

The OpenSea ecosystem enables its customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.

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

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

FAQ Nft-Nl

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

OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be filled up to get started.

Does OpenSea have a support team?

Yes, they have a support staff that you can contact through their contact form. Go to the official site and search at “Submit a request.”

Can you earn money at OpenSea?

You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.

What are the gas prices?

The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, which means they fluctuate every now and then.

What do I need to know so I can make use of OpenSea?

OpenSea has a mobile and desktop browser users can use. In the event that you’re using it through your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to begin.

Does OpenSea have a support team?

Yes they have a customer support team that you can contact through their contact form. Just go to their official website and search on the page for “Submit a request.”

Do you have the ability to earn money at OpenSea?

You can make a mint using OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free but you could also check out their tutorials.

What are gas fees?

These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined by the market, which means they change from time to time.

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

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