Nft/S

opensea-review

OpenSea has become one of the most popular platforms for NFTs. It was the first to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.

It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.

If you’re looking to invest using NFTs, then starting from an established marketplace will help you get the leverage you need. This is why we wrote this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?

Before you begin our review, we’d like warn you. This review is a long read. If you’d rather watch a video instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its functions so that you understand everything before you dive into NFT trading.

For those who prefer to read, let’s look over the basics before we look into its fees and what it has to offer.

opensea-logo

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

What is OpenSea? Nft/S

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

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

It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces and a concept not as old as cryptocurrency.

Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of these is that they permit users to post NFTs bought or created elsewhere.

What is the process behind OpenSea function?

If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.

For OpenSea All of the assets on this platform belong to the users, not by the platform. Because they’re an open marketplace, they use intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk losing their NFT ownership.

That means unless the transaction is successful, your digital assets will never leave your wallet. Moreover, you aren’t required to open an account. All you have to do is have a web3-enabled wallet.

For those who are buyers, you can use their browser to look for NFTs you’d like to purchase. There are filters that can aid in your search.

Nft/S

> > 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 buy from OpenSea. Here are 8 categories where they are typically placed. Let’s have a look at each.

Music

Music may be one of the most well-known NFTs all time. It’s not just limited to just songs; you can also purchase mixtapes remixes of beats, remixes, or whatever an artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.

Collectibles

Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, or old technology.

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

Art

Art is always one of the most well-known NFT prior to when NFT was invented. In the present it is possible to make the same thing with digital artworks. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well images, photos, or small video clip clips.

Trading Cards

It is also possible to collect digital trading cards, such as those from Sorare or BCCG.

Sports

Sports-related digital items can also be collected, such as animated logos of teams.

Virtual Worlds

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

Utility

As absurd as it may sound there are also NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered as NFT. Names that are based on blockchain can be purchased 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 selling options?

Selling on OpenSea is simple. All you have to do is to list them in the marketplace. It’s all you have to do is ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.

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

At present, you can select among five selling options. They are:

Fixed Price

The seller will be the one to charge the cost for the NFT. Like the name suggests the price never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller sets a price that will decrease in the course of. Sellers typically set up very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold when they agree on a price.

English Auction

The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.

OpenSea is able to automatically approve the transaction when the auction closes 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’re looking to sell several NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items can be included within the package.

crypto-trading

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

Are there any additional fees?

It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. The fee is charged can vary depending on the platform, it’s typically proportional to the cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings that are sold.

With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5 percent cost competitive.

But, it is important to know that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percentage.

Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be minted as a valid token that is non-fungible after your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate it to be in the range of $100 for each NFT.

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

What are the payment methods?

OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or transfer funds. Nft/S

The NFTs can only be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they can 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 scammed. Moreover, you can easily invest in NFTs even if you do not have experience or knowledge about blockchain technology or programming. Nft/S

They also offer several types of digital assets, which makes their platform one of the most popular NFT marketplaces. The low platform costs are also a great opportunity to make more money.

Cons

Although it’s open source and has one of the most diverse NFT selections, it 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.

You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been growing over the years. It’s extremely creative and odd, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.

The OpenSea ecosystem allows users to make transactions without concern about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.

Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.

crypto-coins

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

FAQ Nft/S

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

OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your phone on the go, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be topped up for you to start.

Does OpenSea have a support team?

Yes they have a customer support team can be reached via the contact page. Just go to their website, and search for “Submit a request.”

Are you able to earn money at OpenSea?

You can also mint at OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to accomplish, but it is also possible to look over their instructional videos.

What are the costs for gas?

The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, therefore they fluctuate every now and then.

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

OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through 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 fully charged to get started.

Does OpenSea has a support team?

Yes, they have a support staff that you can reach through the contact page. Just go to the official site and search at “Submit a request.”

Can you make money at OpenSea?

You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. It’s simple and free of gas but you could also look over their instructional videos.

What are the costs for gas?

The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven through the marketplace, which means they fluctuate at regular intervals.

bitcoin-coins

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

Nft S

opensea-review

OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to release such a platform over the years. It has experienced rapid growth, as blockchain and NFT are becoming more sought-after investments.

It’s also more well-known since celebrities and celebrities have expressed their interest. As art becomes more digitalized, NFT becomes more lucrative.

If you’re looking to invest with NFTs, then starting from an appropriate marketplace can provide the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?

Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d rather watch a video instead, you can check out the channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you begin NFT trading.

If you prefer to read, let’s look through what it is prior to we examine its costs and what it can offer.

opensea-logo

Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

What is OpenSea? Nft S

OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.

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

It was founded in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept as new as cryptocurrencies.

Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.

What is the process behind OpenSea work?

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

For OpenSea, all of the assets listed in this platform belong to the users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking their NFT ownership.

That means unless the transaction is complete your digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.

In the event that you’re buying, you can utilize their website to find NFTs you’d like to buy. There are filters that can make your search easier.

Nft S

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

What kinds of NFTs are available to purchase from OpenSea?

There are about 200 types of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s take a closer look at each.

Music

Music may be one of the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.

Collectibles

Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, and even old technology.

As for NFTs, you can gather avatars and digital pet, or other characters that can be traded or acquired. The rarer they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art is always one of the most sought-after NFT, even before NFT became a reality. Today, you can also do the same with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.

Trading Cards

There is also the possibility of collecting 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 team logos.

Virtual Worlds

VR environments and components can now also be bought. It is possible to purchase these metaverses, or other items such as game items as well as the VR environment virtual objects, characters and even virtual land. A well-known instance is Axie Infinity.

Utility

As bizarre as it may sound, you can also buy NFTs that have specific functions. 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 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. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and the 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.

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

Fixed Price

The seller will be the one to charge the price of the NFT. Like the name suggests, it never changes.

Dutch Auction

In the Dutch Auction, the seller decides on a price which will fall over the course of. Sellers typically set up very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold when they reach an agreement on the price.

English Auction

The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.

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

NFT Creation

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

Bundles

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

crypto-trading

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

Are there any additional fees?

It’s normal for crypto or NFT marketplaces to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. It’s similar to how regular art galleries generate income through a portion of the paintings sold.

With OpenSea You will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost affordable.

However, you have to understand that some NFTs have higher transaction charges compared to others. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.

Additionally, transacting to Etheruem can be costly. Your NFT collection will only be issued as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.

Also, you should know that some NFTs have additional commissions. For instance, game designers get 15 percent or more commissions for 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 be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit or debit cards to pay for or deposit. Nft S

The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 that come with using OpenSea.

Pros

OpenSea is decentralized, which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest with NFTs even if there is no prior experience or know-how in blockchain or coding. Nft S

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

Cons

Although it is decentralized and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.

It is also necessary to create your crypto wallet to either sell or purchase from the platform.

Bottom Line

Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.

OpenSea’s ecosystem allows its users to make transactions without concern about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage fee on sales is acceptable, given that some online stores can charge as high as 5 percent.

In the end, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.

crypto-coins

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

FAQ Nft S

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

OpenSea has a mobile and desktop browser that users can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be topped up for you to get started.

Does OpenSea have a support staff?

Yes, they have a support team you can contact through their contact form. Just go to the official site and search on the page for “Submit a request.”

Do you have the ability to earn money at OpenSea?

You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling the items, post them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.

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 to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, which means they change 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 you can utilize. In the event that you’re using it with your mobile phone, the browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be topped up for you to start.

Does OpenSea has a support team?

Yes they do have a support team that you can reach via its contact forms. 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 to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also check out their tutorials.

What are the costs for gas?

The gas fees refer to transaction charges that are charged by 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 by the market, which means they change from time to time.

bitcoin-coins

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

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