Nft Pipe Size

opensea-review

OpenSea has become one of the leading markets for NFTs. It’s also the first to introduce a platform of this kind in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.

It’s also more well-known since celebrities and other famous people have expressed an curiosity. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest through NFTs and want to start from a good marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?

Before you start this journey, we’d like to caution you. This review is quite a long read. If you’d rather take a look at a video instead, check out the review of this channel. They’ll walk the user through OpenSea and its features so you’re aware of everything before you dive into NFT trading.

If you prefer to read, let’s go through what it is prior to we look into its fees and the benefits it offers.

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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 will want to read the rest of our article for a more comprehensive review.

What is OpenSea? Nft Pipe Size

OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.

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

It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.

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

How does OpenSea function?

If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar.

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

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

For those who are buyers, you can use their browser to look for NFTs you’d like to purchase. They also offer filters to make your search easier.

Nft Pipe Size

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

What types of NFTs are available from OpenSea?

There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.

Music

Music may be one of the most well-known NFTs all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.

Collectibles

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

In the case of NFTs, you can gather avatars and digital pet, or any other characters that could be traded or taken home. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.

Art

Art is always one of the most sought-after NFT, even before NFT became a reality. As of today, you can also make the same thing with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.

Trading Cards

You can also collect digital trading cards, such as those of Sorare and BCCG.

Sports

The digital objects associated with sports can also be collected such as animated logos of teams.

Virtual Worlds

VR environments and components can be purchased. It is possible to purchase these metaverses or other things like game elements, the VR environment, virtual objects, characters or even virtual worlds. A popular instance can be Axie Infinity.

Utility

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

Domain Names

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

bitcoin-coin

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

What are the options for selling?

Selling on OpenSea is simple. All you have to do is post your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added the price and the type of auction, 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. These are:

Fixed Price

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

Dutch Auction

In the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.

English Auction

The seller will put up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.

OpenSea can automatically take over the bid if the auction ends above 1 Etherium.

NFT Creation

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

Bundles

If you want to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.

crypto-trading

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

Are there any fees?

It’s common for cryptocurrency or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the paintings sold.

With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 per cent cost reasonable.

However, you have to know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional sales commission apart of the required 2.5%.

In addition, trading on Etheruem can be costly. Your NFT collection will only 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 around $100 per NFT.

It is also important to be aware that some NFTs have additional commissions. For instance, game developers are paid 15 percent or more commissions for items they’ve sold.

What are the payment options?

OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit and debit card to make payments or make a deposit. Nft Pipe Size

The NFTs are only able to be purchased or sold if your cryptocurrency 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 of using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Nft Pipe Size

They also offer several types of digital currency, which makes them one of the largest NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.

Cons

Although it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.

It is also necessary to establish a cryptocurrency wallet in order to sell or purchase from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s extremely creative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.

OpenSea’s ecosystem allows its users to transact without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores could charge as high as five percent.

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

crypto-coins

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

FAQ Nft Pipe Size

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

OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to start.

Does OpenSea have a support team?

Yes they do have a support staff that you can reach via the contact page. Go to the official site and search at “Submit a request.”

Are you able to mint at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. 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 from 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 by the market, so they fluctuate from time to time.

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

OpenSea offers a mobile and desktop browser that users can use. When you’re using the browser on your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be topped up for you to start.

Does OpenSea have a support team?

Yes they have a customer support team you can reach via the contact page. Visit the official site and look at “Submit a request.”

Are you able to earn money at OpenSea?

You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas to do, however you should go through their tutorials.

What are the costs for gas?

Gas fees are transaction costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, therefore they fluctuate at regular intervals.

bitcoin-coins

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

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