Nft Tower

opensea-review

OpenSea has grown to become one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT are becoming more sought-after investments.

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

If you’re looking to invest using NFTs beginning with a good marketplace can provide the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?

Before you start this journey, we’d like to caution you. This review is lengthy. If you’d rather watch a video instead, take a look at the channel’s review. They will guide the user through OpenSea and its features so you’re aware of everything before you begin NFT trading.

If you like reading, we’ll look over what it is before we examine its costs and the benefits it offers.

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Before you go on, 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 Tower

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

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

It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.

Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to post NFTs purchased or made elsewhere.

How does OpenSea operate?

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

For OpenSea, all of the assets on the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without risking their NFT ownership.

That means unless the transaction is completed the digital assets won’t leave your wallet. Furthermore, you’re not required to open an account. All you have to do is have a web3 supported wallet.

For those who are buyers, you can utilize their website to find NFTs you’d like to buy. They also offer filters to make your search easier.

Nft Tower

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

What kinds of NFTs are available from OpenSea?

There are more than 200 varieties of NFTs that you can buy from OpenSea. Here are eight categories in which they usually belong. Let’s look at each.

Music

Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters and other sound effects.

Collectibles

Before NFTs became popular, there were people were investing in collectibles like baseball cards, movie props, or even old technology.

As for NFTs, it is possible to collect avatars and digital pet and other characters that can be sold or acquired. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT since before NFT was invented. In the present you can make the same thing with digital art. This isn’t just limited to digital artworks and illustrations. 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 those from Sorare and BCCG.

Sports

Digital items related to sports can also be collected such as animated logos of teams.

Virtual Worlds

VR spaces and elements can be purchased. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters or even virtual worlds. A popular example could be Axie Infinity.

Utility

As absurd as it may sound there are also NFTs with specific capabilities. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites are now considered to be NFT. You can buy blockchain-based names that aren’t subject to shut 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 your products on the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and the type of auction then you’re all set.

If you are a first-time seller who are first-time sellers, you will be subject to a one-time fee for gas.

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

Fixed Price

The seller is the one to pay the price of the NFT. As the name implies it is not subject to change.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers usually set very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT is sold after 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. This is in contrast to that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will make bids until the seller is able to sell the auction to the highest bidder.

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

NFT Creation

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

Bundles

If you’re looking to sell multiple NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be listed within the package.

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

Are there any additional fees?

It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings that are sold.

With OpenSea you only need to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.

However, you must 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 sales commission apart from the imposed 2.5%.

Furthermore, transactions to Etheruem could be expensive. Your NFT collection will only be created as a valid non-fungible token after your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can expect it to be around $100 per NFT.

It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers get 15 percent or more as commissions for items they’ve sold.

What are the payment methods?

OpenSea does not accept traditional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, and debit card to make payments for or make a deposit. Nft Tower

The NFTs can only be bought or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 drawbacks of using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have any experience or expertise in coding or blockchain. Nft Tower

They also offer a range of digital asset, which makes it one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.

Cons

While it is decentralized and offers one of the most diverse NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.

You will also need to set up your own crypto wallet to either sell or buy from the platform.

Bottom Line

Like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.

The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears 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 Tower

What do I need so I can utilize OpenSea?

OpenSea is a mobile as well as desktop browser you can utilize. When you’re using the browser on your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled up to get started.

Does OpenSea have a support staff?

Yes they have a customer support team that you can contact through its contact forms. Go to their official website and search for “Submit a request.”

Are you able to mint at OpenSea?

You can also mint at OpenSea. All you need to do is create an NFT and add it to the collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method, but you can also go through their tutorials.

What are the costs for gas?

These are transactions fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, therefore they change at regular intervals.

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

OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, the browsers should work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to get started.

Does OpenSea have a support staff?

Yes, they have a support staff that you can reach via its contact forms. Visit their website, and look for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can make a mint using 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, list them for auction. It’s easy and gas-free but you could also go through their tutorials.

What are the gas prices?

The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, so they fluctuate every now and then.

bitcoin-coins

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

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