Nft On Bitcoin

opensea-review

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

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

If you’re planning to invest with NFTs and want to start from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?

Before you go on our review, we’d like warn you. This review is lengthy. If you’d prefer to take a look at a video instead, take a look at this channel’s review. They’ll walk you through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.

If you like to read, let’s look through what it is prior to we look into its fees and what it can offer.

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

What is OpenSea? Nft On Bitcoin

OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and 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 established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.

It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs bought or created elsewhere.

What is the process behind OpenSea work?

If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading quite similar.

For OpenSea The majority of the assets on the platform are owned by the users, not the platform. Because they’re a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.

This means that unless the transaction is successful, your digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you need is to possess a wallet that is compatible with web3.

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

Nft On Bitcoin

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

What types of NFTs are available to purchase from OpenSea?

There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer examine each.

Music

Music is among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist offers. Many people even purchase background sounds like rain, indistinct chatters and 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.

For NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or taken home. The rarer they are the more value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT since before NFT became a reality. As of today, you can also create digital artworks. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.

Trading Cards

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

Sports

The digital objects associated with sports can also be collected, for example, animated logos of teams.

Virtual Worlds

VR environments and components can now also be bought. You can purchase these metaverses and other things such as game items as well as the VR environment virtual objects, characters, or even virtual lands. A well-known instance could be Axie Infinity.

Utility

As bizarre as it may sound there are also NFTs with specific features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down from any person. These types are also censorship-resistant.

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

What are the selling options?

Selling your products on OpenSea is simple. All you need to do is to list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.

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

You can currently select from 5 selling options. They are:

Fixed Price

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

Dutch Auction

In an auction like the Dutch Auction, the seller sets a price that will fluctuate over time. Sellers usually set very high prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they agree on a price.

English Auction

The seller puts up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price will decrease as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.

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

NFT Creation

You can also mint your own NFTs via the platform. They can be sold in the marketplace.

Bundles

If you want to sell several NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed as part of 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 charge charges for using the platform. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings that are sold.

With OpenSea you only be charged 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% fee affordable.

But, it is important to understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5%.

Additionally, transacting to Etheruem could be expensive. The NFT collection will only be issued as a valid, non-fungible token after your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can expect it to be around $100 per NFT.

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

What are the payment methods?

OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up 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 make a deposit. Nft On Bitcoin

The NFTs can only be purchased or sold when 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 drawbacks of using OpenSea.

Pros

OpenSea has no centralization, making transactions safe and nearly impossible to be swindled. Moreover, you can easily invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nft On Bitcoin

They also offer a range of digital currency, which makes their platform one of the largest NFT marketplaces. The low platform charges are also a good method to make more money.

Cons

Although it is open source and has one of the largest NFT collection, the service 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.

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

Bottom Line

Just like cryptocurrencies, NFTs have been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.

The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces may charge as much as 5 percent.

All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.

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

FAQ Nft On Bitcoin

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

OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need 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 that can be reached via their contact form. Visit the official site and look for “Submit a request.”

Do you have the ability to make money at OpenSea?

You can also mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. It’s easy and gas-free to do, however you should check out their tutorials.

What are the gas prices?

Gas fees are transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, which means they constantly change from time to time.

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

OpenSea has a mobile and desktop browser you can use. When you’re using the browser through your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to start.

Does OpenSea has a support team?

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

Can you earn money at OpenSea?

You can make a mint using OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free but you could also look over their instructional videos.

What are gas fees?

Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined through the marketplace, so they constantly change every now and then.

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

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