Nft OpenSea

opensea-review

OpenSea is now one of the most popular markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.

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

If you’re looking to invest with NFTs and want to start from an established marketplace will give you the leverage you need. This is the reason we created this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?

Before you go on, we’d like to warn you. This review is an extensive read. If you prefer to take a look at a video instead, check out this channel’s review. They’ll guide the user through OpenSea and its features to ensure that you understand everything before you dive into NFT trading.

For those who prefer the written word, go over what it is before we go over the costs 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft OpenSea

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

The NFTs that are available aren’t restricted to art, music, game items, and domain names.

It was created in the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.

Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.

How does OpenSea work?

If you’ve been selling or buying with cryptocurrency, you’ll find NFT trading very similar to that.

For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without having to risk losing their NFT ownership.

If the transaction is completed, your digital assets won’t leave your account. Moreover, you aren’t required to open an account. All you require is to 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 simplify your search.

Nft OpenSea

> > 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 look at each.

Music

Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Even before NFTs became popular, there were people were investing in collectibles such as baseball cards movie props, or even older technology.

For NFTs, it is possible to collect avatars and digital pet, and other characters that can be traded or taken home. The rarer they are the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT, even before NFT became a reality. As of today it is possible to do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as short video clips.

Trading Cards

There is also the possibility of collecting digital trading cards, such as the ones from Sorare or BCCG.

Sports

Sports-related digital items can also be collected like animated logos of teams.

Virtual Worlds

VR environments and components are now available for purchase. It is possible to purchase these metaverses or other things such as game items and the VR environment characters, virtual objects or even virtual lands. One popular example is Axie Infinity.

Utility

As absurd as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. Examples come 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 selling options?

Selling your products on OpenSea is easy. All you have to do is to list them in the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added your price and auction type, you’re good to go.

For the first time sellers, you will be subjected to a one-time gas fee.

Currently, you can choose from 5 selling options. They are:

Fixed Price

The seller is the one to charge the price for the NFT. Like the name suggests it is not subject to change.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease in time. Sellers typically set up very high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. 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 the minimum price. It’s opposite to that of the Dutch Auction, where the price drops as time passes. In 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 using the platform. Then you can sell them through the marketplace.

Bundles

If you’re looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.

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

Are there any charges?

It is common for crypto or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost that the buyer pays. Similar to how regular galleries make money by gaining a percentage of the paintings sold.

With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5% cost reasonable.

However, you must be aware that certain NFTs have higher transaction fees compared to others. It is possible for this to differ between seller. Some artists can also have an additional sales commission apart of the required 2.5%.

In addition, trading on Etheruem could be expensive. The NFT collection will only be created as a valid, non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be around $100 per NFT.

Also, you should know that some NFTs have additional commissions. For instance, game designers get as much as 15% as commissions on the products they’ve sold.

What are the payment methods?

OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, and debit card to make payments for or make a deposit. Nft OpenSea

The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains that they are able to 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 of using OpenSea.

Pros

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

They also offer several types of digital currency, which makes them one of the biggest NFT marketplaces. The low platform charges are also a good way for you to earn more income.

Cons

Although it’s decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.

You will also need to create your crypto wallet to sell or buy from the platform.

Bottom Line

Just 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 provides an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.

The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces can charge as high as five percent.

Overall, 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 OpenSea

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

OpenSea has a mobile and desktop browser users can utilize. When you’re using the browser with your mobile phone, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to start.

Does OpenSea have a support team?

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

Can you mint at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell the items, post them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.

What are the gas prices?

These are transactions charges 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. Prices are determined by the market, so they constantly change every now and then.

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

OpenSea is a mobile as well as desktop browser that users can use. If you’re using it on your mobile phone, the browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to get started.

Does OpenSea have a support team?

Yes, they have a support team that you can reach via their contact form. Just go to their official website and look at “Submit a request.”

Do you have the ability to earn money at OpenSea?

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

What are the costs for gas?

Gas fees are transaction 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 periodic fees. The prices are driven through the marketplace, therefore they fluctuate from time to time.

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

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