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opensea-review

OpenSea has become one of the top platforms for NFTs. It was the first to launch a platform like this throughout the years. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.

It’s even more popular since celebrities and famous personalities have expressed enthusiasm. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest using NFTs, then starting from an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?

Before you go on our review, we’d like warn you. This review is lengthy. If you’d rather take a look at videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you jump in with NFT trading.

If you like the written word, go over what it is before we look into its fees 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 our article for a more comprehensive review.

What is OpenSea? Nft Ventures Medium

OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them 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 the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who 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.

Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The best part about these is that they permit users to sell NFTs that were purchased or developed elsewhere.

How does OpenSea work?

If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.

For OpenSea, all of the assets on the platform are owned by the users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.

If the transaction is successful, your digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you require is to have a web3 supported wallet.

For those who are buyers you can use their search engine to search for NFTs that you’d prefer to purchase. 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 are available from OpenSea?

There are more than 200 varieties of NFTs available to buy from OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.

Music

Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist has to offer. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.

Collectibles

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

For NFTs, you can collect avatars, digital pets, or any other characters that could be sold or acquired. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT since before NFT was invented. As of today, you can also make the same thing with digital artworks. It’s not limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.

Trading Cards

You can also collect digital trading cards such as the ones from Sorare as well as BCCG.

Sports

Sports-related digital items can also be collected, for example, animated logos of teams.

Virtual Worlds

VR space and other elements can be purchased. It is possible to purchase these metaverses, or other items like game objects as well as the VR environment virtual objects, characters or even virtual worlds. A popular example can be Axie Infinity.

Utility

As bizarre as it may sound there are also NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites can be considered as NFT. You can buy blockchain-based names which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.

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

What are the selling options?

Selling your products on OpenSea is easy. All you have to do is to list your products on the marketplace. All you need to do is to ensure that your wallet is connected. After you’ve entered your bid and auction type 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.

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

Fixed Price

The seller will be the one to charge the price that is the NFT. Just as the name suggests it is not subject to change.

Dutch Auction

In an auction like the Dutch Auction, the seller determines a price that will decrease in time. Sellers typically set up very high prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT can be sold when they agree 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 decreases over time. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.

OpenSea is able to automatically approve the transaction if the auction ends above 1 Etherium.

NFT Creation

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

Bundles

If you are looking to sell several NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included in the bundle.

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

Are there any additional fees?

It’s normal for crypto or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales 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 have to pay 2.5 percent when you buy an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, which makes the OpenSea’s 2.5 percent cost competitive.

However, you have to be aware that certain NFTs charge higher transaction costs 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 percent.

In addition, trading on Etheruem is costly. Your NFT collection will only be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will depend on the market conditions, however you can anticipate it to be in the range of $100 for each NFT.

It is also important to be aware that some NFTs have additional commissions. For example, game developers receive 15 percent or more commissions for items they’ve sold.

What are the methods of payment?

OpenSea does not accept traditional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards to pay for or make a deposit. Nft Ventures Medium

The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted 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 when using OpenSea.

Pros

OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if you do not have experience or knowledge about coding or blockchain. Nft Ventures Medium

They also provide a variety of digital assets, which makes their platform one of the most popular NFT marketplaces. The low platform fees are also an excellent way for you to earn more income.

Cons

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

Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.

Bottom Line

Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a wide range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.

The OpenSea ecosystem allows users to transact without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces could charge as high as 5 percent.

All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.

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

FAQ Nft Ventures Medium

What do I need so I can use OpenSea?

OpenSea has a mobile and desktop browser that you can use. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be topped up for you to start.

Does OpenSea have a support staff?

Yes they do have a support staff that you can contact through its contact forms. Visit their official website and search on the page for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. This is gas-free and easy to do, however you should check out their tutorials.

What are gas fees?

The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, therefore they fluctuate every now and then.

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 on your mobile phone, the browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to get started.

Does OpenSea have a support staff?

Yes, they have a 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 make money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also go through their tutorials.

What are gas fees?

The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they constantly change at regular intervals.

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

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