Nft Non-Fungible Token

opensea-review

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

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

If you’re planning to invest using NFTs, then starting from 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 leading NFT marketplace. But is it right for you?

Before you go on, we’d like to warn you. This review is quite lengthy. If you’d rather take a look at videos instead, you can check out the channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you begin NFT trading.

If you like reading, we’ll look over what it is before we look into its fees and what it has to offer.

opensea-logo

Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.

What is OpenSea? Nft Non-Fungible Token

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

The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.

It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.

Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.

How does OpenSea work?

If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading quite similar.

For OpenSea The majority of the assets on the marketplace are held by users, not by the platform. Since they are an open marketplace, they use smart contracts that allow users can interact with potential buyers without putting at risk the security of their NFT ownership.

If the transaction is successful, your digital assets will never leave your account. Moreover, you aren’t required to create your account. All you have to do is possess a wallet that is compatible with web3.

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

Nft Non-Fungible Token

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

What kinds of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are eight categories in which they typically fall into. Let’s take a closer look at each.

Music

Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever 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 people invested in collectibles such as baseball cards, film props, or old technology.

As for NFTs, you can collect avatars, digital pets, and other characters that can be traded or taken home. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT, even before NFT was invented. Today, you can also create digital art. It’s not just limited to digital artworks and illustrations. You can also collect gifs, images, or even small video clip clips.

Trading Cards

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

Sports

The digital objects associated with sports can also be collected such as animated logos of teams.

Virtual Worlds

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

Utility

As far-fetched as it sounds, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from anyone. 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 have to do is post your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.

For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.

At present, you can select from five options for selling. These are:

Fixed Price

The seller will be the one who will be charged the cost of the NFT. Like the name suggests, it never changes.

Dutch Auction

In the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers generally set high prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller puts up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.

OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.

NFT Creation

You can also mint your own NFTs through the platform. Then you can sell them in the marketplace.

Bundles

If you’re looking to sell several NFTs within one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.

crypto-trading

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

Are there any fees?

It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally proportional to the cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the paintings that are sold.

With OpenSea you only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 per cent fee reasonable.

However, you have to understand that some NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.

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

You also need to know that some NFTs have additional commissions. For example, game developers get up to 15% as commissions for items they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currency 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 use PayPal credit or debit cards for payment for or transfer funds. Nft Non-Fungible Token

The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains 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 drawbacks when using OpenSea.

Pros

OpenSea has no centralization, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Nft Non-Fungible Token

They also offer several types of digital currency, which makes their platform one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.

Cons

While it is decentralized and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.

You will also need to establish a crypto wallet to either sell or purchase on the platform.

Bottom Line

Like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase when the market is integrated with the decentralized finance.

OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Furthermore, it doesn’t charge users high fees. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces may charge as much as 5 percent.

All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.

crypto-coins

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

FAQ Nft Non-Fungible Token

What do I need so I can utilize OpenSea?

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

Does OpenSea has a support team?

Yes they do have a support team that can be reached via their contact form. Go to their website, and search on the page for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy, but you can also check out their tutorials.

What are the costs for gas?

These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven by the market, which means they change from time to time.

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

OpenSea has a mobile and desktop browser users can use. If you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be fully charged to get started.

Does OpenSea have a support staff?

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

Can you earn money at OpenSea?

You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. When you’re ready to sell them, list them for sale. This is gas-free and easy, but you can also go through their tutorials.

What are the costs for gas?

These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, which means they fluctuate at regular intervals.

bitcoin-coins

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

Nft Non Fungible Token

opensea-review

OpenSea has become one of the leading markets for NFTs. It was the first to introduce a platform of this kind throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.

It’s also more well-known since celebrities and other famous people have expressed an interest. As art becomes more digitized, NFT becomes more lucrative.

If you’re set on investing through NFTs, then starting from a good marketplace can provide the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?

Before you begin our review, we’d like warn you. This review is a long read. If you’d prefer to take a look at a video instead, check out the review of this channel. They’ll walk the user through OpenSea and its features so you’re fully aware before you begin NFT trading.

If you like the written word, look over what it is before we look into its fees and what it can offer.

opensea-logo

Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

What is OpenSea? Nft Non Fungible Token

OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, and trade them with other users.

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

It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.

It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.

How does OpenSea function?

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

For OpenSea The majority of the assets on the marketplace are held by the users, not by the platform. Since they are an open marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.

If the transaction is complete your digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you have to do is have a web3-enabled wallet.

In the event that you’re buying, you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to aid in your search.

Nft Non Fungible Token

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

What kinds of NFTs are available from OpenSea?

There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.

Music

Music may be one of the most well-known NFTs of all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.

Collectibles

Even before NFTs became popular, some people were investing in collectibles such as baseball cards film props, and even the older technologies.

In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be sold or taken home. The rarer they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT, even before NFT became a reality. As of today, you can also make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.

Trading Cards

You can also collect digital trading cards like those from Sorare and BCCG.

Sports

Digital items related to sports are also available, such as animated logos of teams.

Virtual Worlds

VR space and other elements are now available for purchase. It is possible to purchase these metaverses, or other items such as game items, the VR environment, characters, virtual objects and even virtual land. One popular example could be Axie Infinity.

Utility

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

Domain Names

Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by anyone. These types are also censorship-resistant.

bitcoin-coin

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

What are the selling options?

Selling on OpenSea is simple. All you need to do is to list them in the marketplace. All you need to do is to make sure your account is linked. Once you’ve added the price and the type of auction then you’re all set.

If you are a first-time seller you will be subject to a one-time gas fee.

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

Fixed Price

The seller is the one who will be charged the price of the NFT. Just as the name suggests the price never changes.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fall over time. Sellers usually set very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.

English Auction

The seller is required to put up an NFT for sale and lists the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.

OpenSea is able to automatically approve the bid when the auction closes above 1 Etherium.

NFT Creation

You can also create your own NFTs through the platform. You can then sell them in the marketplace.

Bundles

If you’re looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.

crypto-trading

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

Are there any charges?

It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular art galleries generate income by getting a share of the paintings that are sold.

With OpenSea You will only be charged 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5 percent cost affordable.

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

Additionally, transacting to Etheruem could be expensive. The NFT collection will be minted as a valid non-fungible token following the time your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.

You also need to know that some NFTs have additional commissions. For instance, game designers receive up to 15% as commissions for items they’ve sold.

What are the methods of payment?

OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary 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 to pay for or transfer funds. Nft Non Fungible Token

The NFTs are only able to be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list with 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 look at the benefits and disadvantages that come with using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest with NFTs even if you do not have experience or knowledge about blockchain technology or programming. Nft Non Fungible Token

They also offer a range of digital currency, making it one of the largest NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.

Cons

While it is decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments with currencies like USD or Euros.

Additionally, you will need to establish a crypto wallet to either sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with the decentralized finance.

The OpenSea ecosystem allows users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonable, considering some marketplaces can charge as high as 5 %.

In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.

crypto-coins

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

FAQ Nft Non Fungible Token

What do I need so I can utilize OpenSea?

OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser through your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. In addition, it must be topped up for you to start.

Does OpenSea has a support team?

Yes, they have a support team can be reached via their contact form. Just go to their website, and search for “Submit a request.”

Can you mint at OpenSea?

You can also mint at OpenSea. All you have to do is create an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.

What are the gas prices?

Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined in accordance with the current market conditions, so they change at regular intervals.

What do I need so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser that you can use. If you’re using it through your mobile phone, your browsers should 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 has a support team?

Yes, they have a support team you can reach through its contact forms. Go to their website, and search at “Submit a request.”

Are you able to earn money at OpenSea?

You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.

What are the gas prices?

Gas fees are transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, therefore they change at regular intervals.

bitcoin-coins

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

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