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opensea-review

OpenSea has become one of the leading marketplaces for NFTs. It was the first to launch a platform like this over the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.

It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.

If you’re looking to invest with NFTs beginning with an established marketplace will give you the leverage you require. That’s why we made this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?

Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to watch videos instead, take a look at the review of this channel. 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 the written word, look over what it is before we go over the costs and the benefits it offers.

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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 our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft-Oak Norfolk Rectangular Dinette Kitchen Table 32 In. 54 In. Wit.. Reviews

OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell, and trade NFTs with other users.

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

It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.

Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.

What is the process behind OpenSea function?

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

For OpenSea, all of the assets that are listed on the platform are owned by the users, not the platform. Since they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk the security of their NFT ownership.

That means unless the transaction is complete, your digital assets will never leave your account. In addition, you don’t have to make your account. All you require is to have a web3 supported wallet.

For those who are buyers you can utilize their website to find NFTs you’d like to purchase. They also have filters available to simplify your search.

Nft-Oak Norfolk Rectangular Dinette Kitchen Table 32 In. 54 In. Wit.. Reviews

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

What types of NFTs can you purchase from OpenSea?

There are more than 200 varieties of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s have a review of each.

Music

Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.

Collectibles

Even before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even older technology.

For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be sold or collected. The more rare they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been among the most well-known NFT, even before NFT became a reality. In the present, you can also do the same with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.

Trading Cards

You can also collect digital trading cards like the ones from Sorare or BCCG.

Sports

Digital items related to sports can also be collected, such as animated team logos.

Virtual Worlds

VR environments and components can be purchased. You can buy these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual worlds. One popular example can 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 be classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by 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 easy. All you have to do is list them in the marketplace. You only have 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 fee for gas.

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

Fixed Price

The seller is the one who will be charged the price that is the NFT. As the name implies the price never changes.

Dutch Auction

For the Dutch Auction, the seller determines a price that will fluctuate over the course of. Sellers usually set very expensive prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.

English Auction

The seller is required to put up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it at the price of highest bidding.

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. Then you can sell them through the marketplace.

Bundles

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

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> > 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. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.

With OpenSea, you will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5% fee competitive.

However, you must know that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the standard 2.5%.

Furthermore, transactions to Etheruem can be costly. The NFT collection will be issued as a valid, non-fungible token after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate it to be in the range of $100 for each NFT.

It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive up to 15% as commissions for items they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit and debit card to make payments for or transfer funds. Nft-Oak Norfolk Rectangular Dinette Kitchen Table 32 In. 54 In. Wit.. Reviews

The NFTs can be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains 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 take a look at the advantages and disadvantages when using OpenSea.

Pros

OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest with NFTs even if you don’t have experience or knowledge about blockchain or coding. Nft-Oak Norfolk Rectangular Dinette Kitchen Table 32 In. 54 In. Wit.. Reviews

They also offer a range of digital currency, making it one of the biggest NFT marketplaces. The platform’s low costs are also a great opportunity to earn more income.

Cons

Although it is decentralized and has one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.

You will also need to create your crypto wallet to either sell or purchase on the platform.

Bottom Line

Like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s 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. There are more categories that can be included when the market is integrated with decentralized finance.

OpenSea’s ecosystem allows its users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces could charge as high as five percent.

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

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

FAQ Nft-Oak Norfolk Rectangular Dinette Kitchen Table 32 In. 54 In. Wit.. Reviews

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

OpenSea offers a mobile and desktop browser users can utilize. In the event that you’re trying it with your phone on the go, your browsers must work with Etherium. You also need to have an account with a wallet or extension. In addition, it must be topped up for you to get started.

Does OpenSea have a support team?

Yes, they have a support staff that can be reached via its contact forms. Just go to the official site and search at “Submit a request.”

Can you make 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. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.

What are the costs for gas?

These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, which means they fluctuate at regular intervals.

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

OpenSea has a mobile and desktop browser you can utilize. If you’re using it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to start.

Does OpenSea have a support staff?

Yes they do have a support team that you can reach via its contact forms. Just go to their website, and search on the page for “Submit a request.”

Are you able to earn money at OpenSea?

You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for sale. This is gas-free and easy but you could also check out their tutorials.

What are the gas prices?

The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, therefore they constantly change at regular intervals.

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

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