Nft To Go

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OpenSea has become one of the top marketplaces for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth since blockchain and NFT are becoming more sought-after investments.

It’s even more popular since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.

If you’re looking to invest with NFTs beginning with an appropriate marketplace can give you the leverage you need. That’s why we made this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?

Before you go on our review, we’d like warn you. This review is quite an extensive read. If you prefer to take a look at a video instead, you can check out the review of this channel. They will guide you through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.

If you like reading, we’ll 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. Afterward, you will want to read the rest of our article for a more comprehensive review.

What is OpenSea? Nft To Go

OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell, and trade NFTs with other users.

The available NFTs are not restricted to art, music games, or game products, as well as domain names.

It was created in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces, a concept that is not as old as cryptocurrency.

Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about these is that they permit users to list NFTs purchased or made elsewhere.

How does OpenSea work?

If you’ve ever been selling or buying with cryptocurrency, you’ll find NFT trading quite similar.

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

That means unless the transaction is completed the digital assets will never be removed from your account. Moreover, you aren’t required to open an account. All you require is to possess a wallet that is compatible with web3.

In the event that you’re buying you can use their browser to find NFTs you’d like to purchase. They also have filters available to aid in your search.

Nft To Go

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

What kinds of NFTs are available from OpenSea?

There are about 200 types of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.

Music

Music could be among the most well-known NFTs of all time. It’s not just limited to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.

Collectibles

Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, film props, or the older technologies.

As for NFTs, it is possible to collect avatars and digital pet, or any other characters that could be traded or taken home. The rarer they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art is always one of the most well-known NFT since before NFT was invented. As of today you can make the same thing with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.

Trading Cards

You can also collect digital trading cards like the ones from Sorare or BCCG.

Sports

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

Virtual Worlds

VR space and other elements can now also be bought. You can purchase these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual worlds. One popular illustration can be Axie Infinity.

Utility

As absurd as it may sound, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered to be 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 post them in the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and the type of auction then you’re all set.

For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.

Currently, you can choose among five selling options. They are:

Fixed Price

The seller is the one to pay the cost of the NFT. Like the name suggests, it never changes.

Dutch Auction

In the Dutch Auction, the seller sets a price that will fall over time. Sellers generally set expensive prices. With time, the value decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.

OpenSea will automatically accept the bid if the auction ends above 1 Etherium.

NFT Creation

You can also create your own NFTs through the platform. They can be sold through the marketplace.

Bundles

If you are looking to sell multiple NFTs under one transaction, you can 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’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by getting a share of the paintings that are sold.

With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent fee competitive.

But, it is important to 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 from the imposed 2.5 percentage.

Furthermore, transactions to Etheruem could be expensive. The NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will depend on the market, but you can anticipate that it will be around $100 per NFT.

Also, you should know that some NFTs charge extra commissions. For instance, game designers are paid up to 15% as commissions for items they’ve sold.

What are the methods of payment?

OpenSea is not able to accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, or debit cards to pay for or deposit. Nft To Go

The NFTs can be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that 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 look at the advantages and disadvantages of using OpenSea.

Pros

OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Nft To Go

They also offer a range of digital currency, making it one of the most popular NFT marketplaces. Low platform charges are also a good way for you to earn more income.

Cons

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

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

Bottom Line

Similar to cryptocurrency NFTs are also increasing over time. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.

OpenSea’s ecosystem allows its customers to conduct transactions without worrying about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.

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

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

FAQ Nft To Go

What do I need so I can use OpenSea?

OpenSea has a mobile and desktop browser you can utilize. If you’re using it with 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 topped up for you to start.

Does OpenSea has a support team?

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

Do you have the ability to make money 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. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.

What are the gas prices?

Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined in accordance with the current market conditions, which means they change from time to time.

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

OpenSea is a mobile as well as desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to start.

Does OpenSea have a support team?

Yes they have a customer support team you can contact through their contact form. Just go to their official website and search on the page 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, list them for sale. It’s easy and gas-free but you could also look over their instructional videos.

What are the gas prices?

Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, so they change from time to time.

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

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