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opensea-review

OpenSea has become one of the most popular marketplaces for NFTs. It was the first to release such a platform throughout the years. It has experienced rapid growth since blockchain and NFT become more popular investments.

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

If you’re planning to invest through NFTs and want to start from an appropriate marketplace can provide 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 right for you?

Before you start, we’d like to warn you. This review is quite lengthy. If you’d rather watch a video instead, you can check out the channel’s review. They will guide users through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.

For those who prefer the written word, go over the basics before we go over the costs and the benefits it offers.

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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. After, you’ll want to read the rest of the article for a more comprehensive review.

What is OpenSea? Nft Tribecca

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

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

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

It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.

How does OpenSea work?

If you’ve been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.

For OpenSea, all of the assets listed in the platform are owned by the users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without putting at risk their NFT ownership.

That means unless the transaction is successful, your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.

If you’re a buyer you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to aid in your search.

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

What types of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs you can buy from OpenSea. Here are 8 categories where they typically fall into. Let’s have a review of each.

Music

Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist is offering. Some even buy 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, digital pets, or any other characters that could be traded or taken home. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT prior to when NFT came to be. In the present it is possible to do the same with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.

Trading Cards

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

Sports

Digital items related to sports can also be collected like animated team logos.

Virtual Worlds

VR spaces and elements are now available for purchase. You can purchase these metaverses, or other items like game objects and the VR environment virtual objects, characters, and even virtual land. One popular example can be Axie Infinity.

Utility

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

Domain Names

Websites are now considered as NFT. It is possible to purchase blockchain-based domains 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 on the marketplace. All you need to do is to ensure 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 subjected to a one-time gas fee.

Currently, you can choose from 5 selling options. These are:

Fixed Price

The seller will be the one to pay the price that is the NFT. Just as the name suggests the price never changes.

Dutch Auction

In the Dutch Auction, the seller decides on a price which will fall over time. 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 present an offer. The NFT can be sold when they reach an agreement on the price.

English Auction

The seller will put up an NFT for sale and lists the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease with time. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.

OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.

NFT Creation

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

Bundles

If you want to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items are available as part of the bundle.

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

Are there any fees?

It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by getting a share of the artworks 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 you a 5% per sale, which makes OpenSea’s 2.5 per cent cost affordable.

However, you have to understand that some NFTs have higher transaction fees 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.

In addition, trading on Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market, but you can expect it to be in the range of $100 for each NFT.

Also, you should know that some NFTs have additional commissions. For example, game developers get as much as 15% as commissions on the products they’ve sold.

What are the payment options?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or transfer funds. Nft Tribecca

The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 examine the benefits and disadvantages of using OpenSea.

Pros

OpenSea is decentralized, which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no experience or knowledge about coding or blockchain. Nft Tribecca

They also offer several types of digital assets, which makes them one of the most popular NFT marketplaces. The low platform fees are also an excellent method to earn more income.

Cons

Although it’s decentralized and offers one of the largest NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments using currency like USD or Euros.

It is also necessary to set up your own crypto wallet to sell or purchase on the platform.

Bottom Line

Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with the decentralized finance.

The OpenSea ecosystem enables its users to make transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores could charge as high as 5 percent.

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

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

FAQ Nft Tribecca

What do I need so I can utilize OpenSea?

OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.

Does OpenSea have a support staff?

Yes they have a customer support team that you can reach via their contact form. Visit their website, and search for “Submit a request.”

Are you able to make money at OpenSea?

You can make a mint using OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.

What are gas fees?

The gas fees refer to transaction costs from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, which means they constantly change from time to time.

What do I need so I can use 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. You also need to have either a wallet, or an extension. In addition, it must be fully charged to get started.

Does OpenSea have a support team?

Yes, they have a support staff that you can contact through their contact form. Just go to their official website and look at “Submit a request.”

Do you have the ability to make money at OpenSea?

You can make a mint using OpenSea. All you have to do is create an NFT and add it to the collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free, but you can also check out their tutorials.

What are the costs for gas?

Gas fees are transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The price is determined in accordance with the current market conditions, so they fluctuate from time to time.

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

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