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opensea-review

OpenSea has grown to become one of the leading markets for NFTs. It was the first to introduce a platform of this kind in the past. It has experienced rapid growth since blockchain and NFT become more popular investments.

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

If you’re set on investing through NFTs, then starting from an established marketplace will help you get the leverage you need. This is the reason we created this review – OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?

Before you go on, we’d like to warn you. This review is quite a long read. If you prefer to take a look at videos instead, check out the channel’s review. They’ll walk the user through OpenSea and its features to ensure you’re aware of everything before you dive into NFT trading.

If you prefer the written word, go through what it is prior to we go over the costs and the benefits it offers.

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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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Org

OpenSea provides a platform for 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 limited to music, art 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 got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.

It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about these is that they permit users to post NFTs bought or created elsewhere.

What is the process behind OpenSea operate?

If you’ve been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar.

For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk losing their NFT ownership.

This means that unless the transaction is successful your digital assets will never leave your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.

In the event that you’re buying you can use their browser to look for NFTs you’d like to purchase. They also have filters available to make your search easier.

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

What types of NFTs are available to purchase from OpenSea?

There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.

Music

Music could be among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes, or whatever an artist is offering. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.

Collectibles

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

In the case of NFTs, you can collect avatars, digital pets, or any other characters that could be traded or collected. The rarer they are, the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT prior to when NFT became a reality. Today, you can also do the same with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as videos of short length.

Trading Cards

You can also collect digital trading cards such as the ones from Sorare as well as BCCG.

Sports

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

Virtual Worlds

VR spaces and elements are now available for purchase. You can purchase these metaverses or other things like game objects, the VR environment, virtual objects, characters, or even virtual lands. A well-known instance could be Axie Infinity.

Utility

As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites are now considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.

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

What are the selling options?

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

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

At present, you can select from 5 selling options. These are:

Fixed Price

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

Dutch Auction

For an auction like the Dutch Auction, the seller determines a price that will decrease over time. Sellers usually set very expensive prices. With time, the value 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 will put up an NFT for sale and lists a minimum price. It’s opposite to auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.

OpenSea is able to automatically approve the bid in the event that the auction is over 1 Etherium.

NFT Creation

You can also mint your own NFTs using the platform. They can be sold on the marketplace.

Bundles

If you’re looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be included 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 exchanges to charge charges to use the platform. The fee is charged can vary per platform, it’s usually an amount of the sales cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the artworks sold.

With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 percent fee reasonable.

However, you must be aware that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.

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

It is also important to be aware that some NFTs charge extra commissions. For instance, game developers receive as much as 15% as commissions on the products they’ve sold.

What are the payment options?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, or debit cards to pay for or deposit. Nft Org

The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of 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 when using OpenSea.

Pros

OpenSea can be decentralized which makes transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if there is no any experience or expertise in blockchain or coding. Nft Org

They also provide a variety of digital asset, which makes it one of the biggest NFT marketplaces. The platform’s low costs are also a great way for you to make more money.

Cons

While it is decentralized and has one of the largest NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.

Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase on the platform.

Bottom Line

Just like cryptocurrencies, NFTs have been increasing over time. It’s very creative and sounds odd, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved when the market is integrated with decentralized finance.

OpenSea’s ecosystem allows its customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge users high fees. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.

In the end, 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 Org

What do I need so I can use OpenSea?

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

Does OpenSea have a support team?

Yes they do have a support team that can be reached via its contact forms. Go to the official site and look at “Submit a request.”

Do you have the ability to mint at OpenSea?

You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also look over their instructional videos.

What are the gas prices?

The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, which means they change from time to time.

What do I need so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser you can utilize. If you’re using it through your phone on the go, your browsers should work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to start.

Does OpenSea has a support team?

Yes they do have a support team that you can reach through their contact form. Go to the official site and look at “Submit a request.”

Can you earn money at OpenSea?

You can also mint at OpenSea. All you have to do is create an NFT and then add it to the collection. When you’re ready to sell them, list them for auction. It’s simple and free of gas, but you can also look over their instructional videos.

What are the costs for gas?

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 recurring fees. The price is determined in accordance with the current market conditions, so they constantly change every now and then.

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

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