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opensea-review

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

It’s becoming more popular because celebrities and famous personalities have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest with NFTs and want to start from an established marketplace will help you get the leverage you require. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?

Before you start this journey, we’d like to caution you. This review is a long read. If you prefer to take a look at videos instead, take a look at the channel’s review. They’ll guide the user through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.

If you prefer the written word, look over the basics before we look into its fees and what it has to 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 will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Playoss

OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.

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

It was founded in 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 among the very first NFT marketplaces which is as new as cryptocurrencies.

It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs bought or created elsewhere.

What is the process behind OpenSea work?

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

For OpenSea The majority of the assets that are listed on the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they have intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.

This means that unless the transaction is completed the digital assets won’t leave your account. In addition, you don’t have 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 look for NFTs you’d like to purchase. They also have filters available to aid in your search.

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

What kinds of NFTs are available to purchase from OpenSea?

There are more than 200 varieties of NFTs you can purchase through OpenSea. Here are eight categories in which they usually belong. Let’s have a review of each.

Music

Music may be one of the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.

Collectibles

Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, or the older technologies.

As for NFTs, you can collect avatars, virtual pets or other characters that can be sold or taken home. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT since before NFT became a reality. Today you can do the same with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.

Trading Cards

There is also the possibility of collecting digital trading cards, such as those of Sorare and BCCG.

Sports

The digital objects associated with sports can also be collected, like animated logos of teams.

Virtual Worlds

VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters and even virtual land. A popular instance is Axie Infinity.

Utility

As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites are now considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting 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 on OpenSea is easy. All you need to do is list them on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.

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

You can currently select from 5 selling options. They are:

Fixed Price

The seller will be the one to charge the price for the NFT. As the name implies, it never changes.

Dutch Auction

In the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very expensive prices. With time, the value decreases until it’s equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT is sold after they reach an agreement on the price.

English Auction

The seller is required to put up an NFT to sell and list a minimum price. This is different from that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bidding until the seller sells the auction for the most expensive bidder.

OpenSea will automatically accept the transaction when the auction closes above 1 Etherium.

NFT Creation

You can also create your own NFTs through the platform. Then you can sell them through the marketplace.

Bundles

If you want to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.

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> > 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. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost paid by the buyer. It’s similar to how regular galleries make money through a portion of the artworks sold.

With OpenSea you only need to pay 2.5 percent when purchasing an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee competitive.

However, you have to know that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the standard 2.5 percentage.

Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will vary based on the market, but you can expect it to be in the range of $100 for each NFT.

It is also important to be aware that some NFTs have additional commissions. For instance, game designers get up to 15% commissions for the items they’ve sold.

What are the payment methods?

OpenSea cannot accept conventional 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. Also, you are not able to make use of PayPal, credit, or debit cards for payment or deposit. Nft Playoss

The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with blockchains and wallets that they 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 benefits and disadvantages of using OpenSea.

Pros

OpenSea is decentralized, making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. Nft Playoss

They also offer a range of digital currency, making them one of the largest NFT marketplaces. The platform’s low fees are also an excellent opportunity to earn more income.

Cons

Although it’s decentralized and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments with currencies like USD or Euros.

It is also necessary to establish a crypto wallet to either sell or buy from the platform.

Bottom Line

Like cryptocurrencies NFTs have also been expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included when the market is integrated with decentralized finance.

The OpenSea ecosystem enables its users to make transactions without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 %.

All in all, OpenSea is an excellent marketplace for NFT traders and professionals.

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

FAQ Nft Playoss

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

OpenSea is a mobile as well as desktop browser you can use. In the event that you’re trying it through your mobile phone, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to begin.

Does OpenSea has a support team?

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

Are you able to mint at OpenSea?

You can also mint at OpenSea. All you need make is to create an NFT and then add the item to your collection. If you’re ready for selling them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.

What are the gas prices?

These are transactions charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, so they change from time to time.

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

OpenSea has a mobile and desktop browser users can use. If you’re using it on your mobile phone, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to get started.

Does OpenSea have a support team?

Yes they do have a support team you can reach through the contact page. Visit their official website and look for “Submit a request.”

Can you mint at OpenSea?

You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s simple and free of gas to do, however you should check out their tutorials.

What are the costs for gas?

These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined by the market, so they change from time to time.

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

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