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opensea-review

OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to release such a platform throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.

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

If you’re set on investing with NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea has always been the leading NFT marketplace. But is it right for you?

Before you begin our review, we’d like warn you. This review is a long read. If you prefer to watch videos instead, you can check out the review of this channel. They’ll guide the user through OpenSea and its features so you’re fully aware before you jump in with NFT trading.

For those who prefer reading, we’ll look over what it is before we go over the 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.

What is OpenSea? Nft Party

OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.

The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.

It was created in the year 2018 with the help of 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 as new as cryptocurrencies.

It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps expanding. One of the best things about them is that they allow users to sell NFTs that were purchased or developed elsewhere.

How does OpenSea operate?

If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.

For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without risking the security of their NFT ownership.

That means unless the transaction is successful your digital assets won’t leave your account. Furthermore, you’re not required to create your account. All you require is to have a web3 supported wallet.

If you’re a buyer you can utilize their website to look for NFTs you’d like to buy. There are filters that can aid in your search.

Nft Party

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

What types of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s review of 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 an 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, movie props, or even the older technologies.

For NFTs, you can collect avatars, virtual pets or any other characters that could be traded or acquired. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT, even before NFT was invented. In the present you can do the same with digital artworks. It’s not just limited to digital illustrations or paintings. You can also collect gifs, images, or even small video clip clips.

Trading Cards

You can also collect digital trading cards, such as those of 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 can now also be bought. You can buy these metaverses and other things like game elements, the VR environment, virtual objects, characters, or even virtual worlds. A popular instance could be Axie Infinity.

Utility

As bizarre as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples include 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 selling options?

Selling on OpenSea is simple. All you need to do is post them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.

If you are a first-time seller you will be subject to a one-time fee for gas.

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

Fixed Price

The seller will be the one to charge the cost of the NFT. Just as the name suggests, it never changes.

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will fall in time. Sellers generally set expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.

English Auction

The seller puts up an NFT for sale and lists an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.

OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.

NFT Creation

You can also mint your own NFTs via the platform. You can then sell them on the marketplace.

Bundles

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

crypto-trading

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

Are there any fees?

It is common for crypto or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually an amount of the sales cost paid by the buyer. It’s similar to how regular galleries make money by getting a share 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 fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5% fee competitive.

But, it is important to understand that some NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional sales commission apart from the imposed 2.5 percentage.

Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be issued as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate it to be around $100 per NFT.

You also need to know that certain NFTs earn extra commissions. For example, game developers get as much as 15% commissions on the products they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up 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 deposit. Nft Party

The NFTs can only be bought or sold if your cryptocurrency is accepted 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 examine the advantages and disadvantages when using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in coding or blockchain. Nft Party

They also provide a variety of digital asset, making their platform one of the most popular NFT marketplaces. The low platform charges are also a good way for you to make more money.

Cons

Although it’s open source and has one of the largest NFT collections, it has limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support, it cannot support payments using currency like USD or Euros.

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

Bottom Line

Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.

The OpenSea ecosystem enables its users to make transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percent fee on sales is reasonableconsidering that some marketplaces may charge as much as 5 percent.

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

crypto-coins

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

FAQ Nft Party

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

OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be fully charged to begin.

Does OpenSea has a support team?

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

Are you able 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 the item to your collection. If you’re ready for selling the items, post them for sale. This is a simple and low-cost method to accomplish, but it is also possible to 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 is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, so they constantly change at regular intervals.

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

OpenSea has a mobile and desktop browser that users can use. If you’re using it with your phone on the go, your browsers should work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.

Does OpenSea has a support team?

Yes they have a customer support team that you can reach via the contact page. Visit their website, and search at “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. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.

What are gas fees?

Gas fees are transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.

bitcoin-coins

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

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