Nft Robert Budin

opensea-review

OpenSea has grown to become one of the most popular platforms for NFTs. It’s also the first one to release such a platform 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 celebrities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.

If you’re set on investing using NFTs beginning with an appropriate marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it suitable for you?

Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to watch a video instead, check out this channel’s review. They will guide you through OpenSea and its functions so you’re fully aware before you begin NFT trading.

If you like 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 go on, you may want to check out 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 Robert Budin

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

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

It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.

Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about them is that they allow users to list NFTs that were purchased or developed elsewhere.

How does OpenSea function?

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

For OpenSea, all of the assets that are listed on the marketplace are held by the users, not the platform. Since they are an uncentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without putting at risk the security of their NFT ownership.

If the transaction is complete your digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3 supported wallet.

For those who are buyers, you can utilize their website to look for NFTs you’d like to purchase. They also offer filters to simplify your search.

Nft Robert Budin

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

What kinds of NFTs can you purchase from OpenSea?

There are around 200 kinds of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.

Music

Music could be among the most well-known NFTs all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even older technology.

For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be traded or collected. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been among the most well-known NFT since before NFT became a reality. In the present it is possible to create digital art. This isn’t just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even small video clip clips.

Trading Cards

There is also the possibility of collecting digital trading cards like the ones from Sorare as well as BCCG.

Sports

Sports-related digital items are also available, such as animated team logos.

Virtual Worlds

VR environments and components are now available for purchase. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters or even virtual worlds. A well-known illustration could be Axie Infinity.

Utility

As bizarre as it may sound it is possible to purchase NFTs with specific functions. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can be classified as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from 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 simple. All you need to do is list your products on the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and auction type then you’re all set.

For the first time sellers who are first-time sellers, you will be subject to a one-time gas fee.

You can currently select from five options for selling. They are:

Fixed Price

The seller is the one to charge the price of the NFT. Like the name suggests the price never changes.

Dutch Auction

In an auction like the Dutch Auction, the seller sets a price that will fluctuate over the course of. Sellers typically set up very high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they reach an agreement on the price.

English Auction

The seller is required to put up an NFT for sale and will list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will make bids until the seller is able to sell it 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 create your own NFTs through the platform. They can be sold in the marketplace.

Bundles

If you want to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in the bundle.

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

Are there any charges?

It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. Although the charged fee varies depending on the platform, it’s typically an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.

With OpenSea you only have to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 percent cost reasonable.

However, you have to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.

Additionally, transacting to Etheruem could be expensive. The NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The costs for the process will depend on the market, but you can expect it to be around $100 per NFT.

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

What are the payment methods?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit and debit card to make payments or transfer funds. Nft Robert Budin

The NFTs are only able to be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 examine the advantages and drawbacks when using OpenSea.

Pros

OpenSea has no centralization, which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if there is no prior experience or know-how in blockchain or coding. Nft Robert Budin

They also offer several types of digital asset, making them one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to earn more income.

Cons

Although it is open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.

You will also need to establish a crypto wallet to either sell or buy from the platform.

Bottom Line

Just like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides 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 worrying about privacy or security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is 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 and professionals.

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

FAQ Nft Robert Budin

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

OpenSea is a mobile as well as desktop browser that users can utilize. If you’re using it through your phone on the go, your browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to start.

Does OpenSea have a support team?

Yes they do have a support staff that can be reached via the contact page. Just go to their official website and search for “Submit a request.”

Can you earn money at OpenSea?

You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.

What are the gas prices?

The gas fees refer to transaction fees 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. The prices are driven in accordance with the current market conditions, so they change from time to time.

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

OpenSea has a mobile and desktop browser that you can use. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to start.

Does OpenSea have a support team?

Yes they have a customer support team that you can contact through its contact forms. Visit their website, and look at “Submit a request.”

Do you have the ability to make money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell them, list them for auction. This is gas-free and easy but you could also look over their instructional videos.

What are gas fees?

The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, which means they constantly change every now and then.

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

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