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opensea-review

OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has seen rapid growth as blockchain and NFT become more popular investments.

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

If you’re looking to invest using NFTs beginning with a good marketplace can provide the leverage you require. That’s why we made this review – OpenSea has always been the top NFT marketplace. But is it right for you?

Before you begin our review, we’d like warn you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, check out the channel’s review. They’ll walk users through OpenSea and its features to ensure that you understand everything before you jump in with NFT trading.

For those who prefer to read, let’s go over what it is before we examine its costs and what it has to offer.

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Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Panel

OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can purchase, sell, and trade NFTs with other users.

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

It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept similar to cryptocurrency.

Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.

How does OpenSea work?

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

For OpenSea All of the assets on this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.

This means that unless the transaction is complete, your digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to have a web3-enabled wallet.

In the event that you’re buying you can use their browser to search for NFTs that 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 can you purchase from OpenSea?

There are around 200 kinds of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a examine each.

Music

Music could be among the most well-known NFTs of all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.

Collectibles

Even before NFTs became popular, some individuals were interested in collecting items 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 sold or taken home. The rarer they are the more value they will have. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been among the most well-known NFT, even before NFT was invented. In the present you can make the same thing with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even short video 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 like animated logos of teams.

Virtual Worlds

VR environments and components can be purchased. You can purchase these metaverses and other things like game objects, the VR environment, virtual objects, characters or even virtual lands. A well-known example could be Axie Infinity.

Utility

As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being 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 simple. All you need to do is to list them in the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and type of auction, you’re good to go.

If you are a first-time seller, 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 to charge 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 the course of. Sellers generally set high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT can be sold when they have agreed on a price.

English Auction

The seller puts up an NFT to sell and list the minimum price. It’s opposite to auctions like the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.

OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.

NFT Creation

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

Bundles

If you are looking to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items are available as part of the bundle.

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

Are there any additional fees?

It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the cost paid by the buyer. Similar to how regular galleries make money by gaining a percentage of the paintings sold.

With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5% fee affordable.

But, it is important to understand that some NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5 percent.

In addition, trading on Etheruem can be costly. The NFT collection will be created as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market, but you can anticipate it to be about $100 per NFT.

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

What are the payment options?

OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit or debit cards for payment or make a deposit. Nft Panel

The NFTs can only be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of wallets and blockchains 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 take a look at the advantages and disadvantages that come with using OpenSea.

Pros

OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Additionally, it is possible to invest in NFTs, even if there is no any experience or expertise in blockchain or coding. Nft Panel

They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. Low platform fees are also an excellent method to make more money.

Cons

While it is decentralized and has one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.

It is also necessary to create your cryptocurrency wallet in order to sell or purchase on the platform.

Bottom Line

Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved when the market is integrated with the decentralized finance.

The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces could charge as high as five percent.

Overall, OpenSea is an excellent marketplace for NFT traders and professionals.

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

FAQ Nft Panel

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

OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser through your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to get started.

Does OpenSea has a support team?

Yes they have a customer support staff that you can contact through the contact page. Visit their website, and look on the page for “Submit a request.”

Can you earn money at OpenSea?

You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method to do, however you should go through their tutorials.

What are the costs for gas?

These are transactions charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, which means they fluctuate at regular intervals.

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

OpenSea is a mobile as well as desktop browser that users can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. In addition, it must be topped up for you to begin.

Does OpenSea has a support team?

Yes, they have a support team you can reach through the contact page. Visit the official site and search on the page for “Submit a request.”

Can you mint at OpenSea?

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

What are the costs for gas?

Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, so they fluctuate every now and then.

bitcoin-coins

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

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