Nft Upper West Side

opensea-review

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

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

If you’re planning to invest with NFTs beginning with a good marketplace can provide the leverage you need. This is the reason we created this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?

Before you start our review, we’d like warn you. This review is quite a long read. If you prefer to watch videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you begin NFT trading.

For those who prefer to read, let’s go over the basics before we look into its fees 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 review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Upper West Side

OpenSea provides a platform for non-fungible tokens, also known 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 game items, domain names.

It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.

It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.

What is the process behind OpenSea operate?

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

For OpenSea All of the assets that are listed on the platform are owned by the users, not by the platform. Since they’re an open marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.

If the transaction is successful the digital assets will never leave your account. In addition, you don’t have to make your account. All you need is to have a web3-enabled wallet.

In the event that you’re buying, you can use their search engine to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.

Nft Upper West Side

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

What kinds 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 are typically placed. 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 purchase mixtapes remixes, beats, vocals or anything else an artist offers. 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 were investing in collectibles like baseball cards, movie props, or even the older technologies.

In the case of NFTs, you can gather avatars, digital pets or other characters that can be sold or taken home. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT prior to when NFT became a reality. Today you can do the same with digital art. This isn’t just limited to digital illustrations or paintings. Gifs can be collected as well, images, or even short video clips.

Trading Cards

There is also the possibility of collecting digital trading cards such as those of Sorare or BCCG.

Sports

Digital items related to sports can also be collected, such as animated team logos.

Virtual Worlds

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

Utility

As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut 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 need to do is list them on the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added your price and auction type then you’re all set.

If you are a first-time seller you will be subject to a single-use gas charge.

You can currently select from 5 selling options. The choices are:

Fixed Price

The seller will be the one who will be charged the cost for the NFT. Like the name suggests it is not subject to change.

Dutch Auction

In the Dutch Auction, the seller decides on a price which will decrease in the course of. Sellers usually set very expensive prices. With time, the value will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they agree on a price.

English Auction

The seller is required to put up an NFT for sale and will list a minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease over time. The English Auction, buyers will bidding until the seller sells it to the highest bidder.

OpenSea can automatically take over the bid if the auction ends above 1 Etherium.

NFT Creation

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

Bundles

If you’re looking to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items are available in 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 fees to access the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money through a portion of the paintings sold.

With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 per cent fee competitive.

But, it is important to know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percent.

Additionally, transacting to Etheruem can be costly. The NFT collection will only be minted as a valid non-fungible token following the time your NFT bid has been accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.

You also need to know that certain NFTs earn additional commissions. For instance, game designers are paid up to 15% as commissions on the products they’ve sold.

What are the payment methods?

OpenSea cannot accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards to pay for or transfer funds. Nft Upper West Side

The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with 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 examine the advantages and disadvantages of using OpenSea.

Pros

OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in blockchain or coding. Nft Upper West Side

They also provide a variety of digital asset, making it one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.

Cons

Although it’s decentralized and has one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.

It is also necessary to establish a crypto wallet to sell or buy from the platform.

Bottom Line

Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that can cater to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with financial decentralization.

The OpenSea ecosystem allows users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces could charge as high as 5 percent.

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

crypto-coins

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

FAQ Nft Upper West Side

What do I need so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need 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 do have a support team can be reached via its contact forms. Just go to the official site and search at “Submit a request.”

Are you able to earn money at OpenSea?

You can mint at OpenSea. All you need to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.

What are the costs for gas?

The gas fees refer to transaction charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, therefore they constantly change from time to time.

What do I need so I can utilize OpenSea?

OpenSea is a mobile as well as desktop browser you can utilize. In the event that you’re using it through 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 have a support team?

Yes, they have a support staff that you can reach through their contact form. Visit the official site and look on the page for “Submit a request.”

Can you mint at OpenSea?

You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also check out their tutorials.

What are the gas prices?

Gas fees are transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, therefore they fluctuate from time to time.

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

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