Nft Statistics

opensea-review

OpenSea is now one of the leading platforms for NFTs. It’s also the first one to introduce a platform of this kind over the years. 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 an curiosity. As art becomes more digitalized, NFT becomes more lucrative.

If you’re set on investing through NFTs and want to start from an established marketplace will 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 suitable for you?

Before you begin, we’d like to warn you. This review is quite lengthy. If you’d prefer to watch a video instead, take a look at this channel’s review. They’ll walk you through OpenSea and its features so that you understand everything before you dive into NFT trading.

If you like to read, let’s look over the basics before we examine its costs and what it can 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Statistics

OpenSea is a marketplace that deals in 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 available NFTs are not limited to music, art, game items, and 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, a concept that is as new as cryptocurrencies.

It is now one of the largest 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 that were purchased or developed elsewhere.

How does OpenSea work?

If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.

For OpenSea, all of the assets on this platform belong to the users, not by the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk their NFT ownership.

If the transaction is complete the digital assets won’t leave your account. 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 search engine to find NFTs you’d like to purchase. They also have filters available to make your search easier.

Nft Statistics

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

What types of NFTs are available to purchase from OpenSea?

There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they usually belong. Let’s have a review of each.

Music

Music is among the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes, remixes of beats, remixes, or whatever an artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Even before NFTs became popular, some people invested in collectibles like baseball cards, film props, and even old technology.

In the case of NFTs, you can gather avatars and digital pet, and other characters that can be traded or collected. The rarer they are the more value they have. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most sought-after NFT prior to when NFT came to be. As of today, you can also do the same with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.

Trading Cards

It is also possible to collect digital trading cards like the ones from Sorare or BCCG.

Sports

The digital objects associated with 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, characters, virtual objects or even virtual worlds. One popular instance could be Axie Infinity.

Utility

As absurd as it may sound there are also NFTs that have specific features. Examples come from 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 anyone. These types are also censorship-resistant.

bitcoin-coin

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

What are the selling options?

Selling your products on OpenSea is easy. All you need to do is post them on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and type of auction 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. These are:

Fixed Price

The seller is the one who will be charged the cost that is the NFT. Just as the name suggests it is not subject to change.

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will fall in time. Sellers usually set very expensive prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.

English Auction

The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.

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

NFT Creation

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

Bundles

If you’re looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included as part of the bundle.

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

Are there any charges?

It’s common for cryptocurrency or NFT marketplaces 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 galleries make money by gaining a percentage of the artworks 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 5% per sale, which makes the OpenSea’s 2.5 per cent fee competitive.

However, you must be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.

In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid non-fungible token after 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.

It is also important to be aware that some NFTs charge extra commissions. For example, game developers get as much as 15% as commissions for the items they’ve sold.

What are the methods of payment?

OpenSea does not accept traditional currencies like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, and debit card to make payments for or deposit. Nft Statistics

The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using 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 examine the advantages and drawbacks that come with using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Nft Statistics

They also offer a range of digital asset, making it one of the biggest NFT marketplaces. The low platform costs are also a great way for you to earn more income.

Cons

Although it is open source and has one of the most diverse NFT selections, it has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.

Additionally, you will need to establish a 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 very innovative and strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.

The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is acceptable, given that some online stores may charge as much as five percent.

In the end, OpenSea is an excellent marketplace for NFT traders and professionals.

crypto-coins

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

FAQ Nft Statistics

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

OpenSea offers a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.

Does OpenSea have a support staff?

Yes they do have a support team you can reach via their contact form. Visit the official site and search for “Submit a request.”

Are you able to earn money at OpenSea?

You can make a mint using 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, 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 costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined through the marketplace, which means they constantly change at regular intervals.

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

OpenSea has a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be fully charged to get started.

Does OpenSea have a support staff?

Yes they do have a support team that you can reach through their contact form. Just go to the official site and search at “Submit a request.”

Do you have the ability to make money at OpenSea?

You can 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, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.

What are gas fees?

Gas fees are transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, which means they change every now and then.

bitcoin-coins

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

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